IOCs exiting Nigeria likely to face legal claims over oil damages

IOCs exiting Nigeria likely to face legal claims over oil damages

Communities considering legal action against majors are likely to accelerate their efforts amid the ongoing wave of divestitures.

IOCs have been selling down properties in Nigeria for around 10 years. High costs of producing onshore, in addition to security risks and pressure on emissions, are driving the move away from Nigeria.

Domestic companies are on the verge of holding more blocks than the IOCs, SDN has said. According to the NGO, Nigerian companies account for the operation of 50 blocks, while IOCs have 53.