Nigeria attracts $13 billion oil and gas investment to achieve 2.1 mbpd by 2024

Presently, energy investments totalling $13 billion have been successfully attracted

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.

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, Nairametrics reported.

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, positioning Nigeria well ahead of President Tinubu’s campaign promise of 2.6 million barrels by 2027.

According to Ms. Verheijen, the proposed measures are also expected to cause a 100% increase in gas production by 2027, exceeding President Bola Tinubu’s campaign pledge of 20% growth in that sector.

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.

In response to the initiative, Mrs. Olu Verheijen, the Special Adviser to the President stated,

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 stabilize 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.”

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.