Oil was discovered in Nigeria in the 1950s, with the first producing well becoming operative in 1958. Today, Nigeria is ranked 14th in the world and sixth in the Organization of Petroleum Exporting Companies. Petroleum now accounts for 99 percent of Nigeria's economy.
After thoroughly researching rules and regulations, Ambit organized a corporate structure that took into account Nigeria's indigenization guidelines. Indigenization refers to a process of including in-country stakeholders in the petroleum economy by development and production of oil fields.
Ambit's goal is to increase the market value of its Nigerian assets by up to $5 billion in five to seven years. Indigenization is expected to bring in twice the returns of the competition. The company will emphasize a rapid start to production and an early cash flow, compared to other multinational partnerships.