Ms. Olu Verheijen, Special Adviser to Nigeria’s President on Energy, has unveiled a series of groundbreaking initiatives aimed at bolstering investments in Nigeria’s oil and gas industry.
In a significant move, she has successfully secured $13 billion in energy investments through strategic partnerships with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and fifteen leading international and independent Oil and Gas Companies operating in Nigeria, including Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, First E&P, and others.
The objective of these intensive discussions, held in Lagos and Abuja, was to advance a Presidential Initiative designed to address the nation’s revenue challenges and contribute to stabilizing Nigeria’s economy. Notably, the results of these talks reveal substantial investment opportunities, with a projected $55.2 billion in investments expected by 2030, and an impressive $13.5 billion set to be invested by these companies within the next twelve months.
During these consultations, participating operators openly shared insights into the obstacles and barriers affecting their investment strategies and the timely execution of planned projects. Collectively, they identified crucial factors that would help deliver 2.1 million barrels of oil per day by December 2024, positioning Nigeria ahead of President Tinubu’s campaign promise of reaching 2.6 million barrels by 2027.
Ms. Verheijen also emphasized that these proposed measures are set to trigger a 100% increase in gas production by 2027, surpassing President Bola Tinubu’s campaign commitment of a 20% growth in this sector. President Tinubu’s unwavering dedication to addressing the identified challenges underscores his commitment to making Nigeria the top choice for energy sector investments.
There is anticipation that the $13.5 billion in short-term investments currently in the pipeline will pave the way for Nigeria to achieve its ambitious goal of producing 2.1 million barrels of oil per day by December 2024, barring any unforeseen challenges.