May 22, 2024
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OIL & GAS

Nigeria Secures $13bn Oil and Gas Investment, Sets to Achieve 2.1 mbpd

Olu Verheijen, the Special Adviser to Nigeria’s President Bola Ahmed Tinubu, has revealed groundbreaking initiatives to boost oil and gas investments in the West African State.

In a statement, Ms Verheijen said she has partnered with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and concluded a series of strategic engagements with fifteen (15) leading international and independent Oil and Gas Companies operating in Nigeria.

These sessions in Lagos and Abuja were thoughtfully selected following a thorough assessment conducted by NUPRC and the Office of the Special Adviser to the President on Energy. Participants included prominent companies such as Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, and First E&P, among others.

Presently, energy investments totalling $13 billion have been successfully attracted, according to Business Insider Africa.

One of the key objectives of the discussions was to advance a Presidential Initiative focused on tackling the nation’s revenue crisis while also playing a role in stabilizing Nigeria’s economy.

As stated by the Office of the Special Adviser on Energy, the outcomes of these discussions unveiled substantial investment prospects, with a projected total of $55.2 billion in investments anticipated by 2030, of which $13.5 billion is expected to be invested by these companies within twelve months from now.

Throughout these consultations, the participating operators provided valuable insights into the challenges and barriers affecting their investment strategies and the timely implementation of their proposed projects.

Collectively, they also pinpointed the key enablers required to ensure the delivery of 2.1 million barrels by December 2024.

With the conclusion of these consultations, it is expected that the short-term investment components amounting to $13.5 billion, which are presently in the pipeline, will set the stage for achieving a daily production output of 2.1 million barrels by December 2024, provided there are no unexpected hurdles.

 

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