The Special Adviser to the President on Energy, Olu Verheijen, in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria
These sessions, held in Lagos and Abuja, were carefully chosen after a detailed review process by NUPRC and the Office of the Special Adviser to the President on Energy and included Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, First E&P, among others.
A key objective of the discussions was to advance a Presidential Initiative aimed at addressing the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. According to the office of the special adviser on energy, results of these talks disclosed significant investment opportunities with an estimated US$55.2bn in investments projected by 2030, of which US$13.5bn is expected to be invested by these companies within 12 months from now.
During these consultations, participating operators shared insights into the challenges and barriers affecting their investment strategies and the swift rollout of planned projects. Collectively, they also pinpointed key strategies that will ensure the delivery of 2.1 mn barrels by December 2024, positioning Nigeria well ahead of President Bola Ahmed Tinubu’s campaign promise of the 2.6 mn barrels by 2027. The proposed measures are also expected to cause a 100% increase in gas production by 2027, exceeding Tinubu’s campaign pledge of 20% growth in that sector. The President remains committed to overcoming these challenges, making Nigeria the top choice for energy sector investments.
Commenting on this initiative, Verheijen said, “We are faced with a revenue crisis which is impacting all Nigerians. To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and forex to stabilise our economy and currency; and the oil and gas sector remains critical to our ability to do so despite current production levels falling significantly short of our potential.”
She added, “These strategic, high-level engagements with oil and gas producers will help fast-track bold reforms that will unlock investments required to restore and grow oil and gas production in the short, medium, and long term. President Bola Tinubu is dedicated to enhancing the investment environment in Nigeria, positioning us as the preferred destination in Africa for the energy sector.”
With the conclusion of these consultations, it is anticipated that the US$13.5bn in short-term investment components, currently in the pipeline, will pave the way for the delivery of 2.1 mn barrels per day production by December 2024, barring any unforeseen challenges.
