At forum, Marinho discusses  ‘state of Nigeria’s oil industry’

The CEO of Levmora Services, Funmi Marinho, joined a panel of oil and gas and energy experts on Newscentral TV to discuss the future of Nigeria’s oil and gas sector amid a wave of divestments by international oil companies (IOCs). 

The conversation, titled ‘Oil on the Mind’, explored the challenges and opportunities presented by the ongoing exodus of major players in the energy sector.

Marinho highlighted that since 2010, key industry giants, including ExxonMobil, Shell, TotalEnergies, and Chevron, have shifted their focus to deepwater operations, leaving behind significant onshore and shallow water assets. 

This, she noted, has created a unique opportunity for indigenous producers to take the reins in shaping the nation’s energy future.

“The question we must ask ourselves is: what happens next with our budding indigenous producers. There is no doubt that these divestments present a golden opportunity, but the key to long-term success lies in capacity building, technology development, and sustainability.”

She advocated for integrating legacy employees into indigenous operations to ensure a seamless transition and foster the adoption of global best practices. 

Advanced technology and innovation were central to Marinho’s recommendations.  She encouraged indigenous companies to prioritize research and development (R&D), collaboration, and operational cost efficiency. 

Referencing a recent call for a rig-sharing scheme, Marinho pointed to this as a model for cost-reducing collaboration.
 
She also underscored the importance of community engagement, urging stakeholders to develop comprehensive plans to directly impact local communities in oil-producing areas.

“This can be a real turning point for Nigeria’s economy if we can work collaboratively to create economies of scale, reduce production costs, and close our skills gaps. If we get this right, we won’t just fill the shoes of those who have exited; we will chart a course for energy self-sufficiency and prosperity,” she stated.

Marinho cited previous successes, such as the marginal fields initiative that birthed notable companies like platform, Pillar, Waltersmith, and Sahara Energy, as evidence of the potential for a robust indigenous industry. 

Marinho’s insightful commentary reinforced the critical role indigenous companies and stakeholders must play in navigating the opportunities and challenges presented by the ongoing divestments in Nigeria’s oil and gas sector.