May 26, 2024

15 oil, gas companies assure on $13 bn worth of investments, as Verheijen, Tinubu S.A Energy unveils reforms


Oredola Adeola


The Nigerian Government has commenced strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria to unlock $13 billion worth of energy investments and fast-track reforms that will grow crude oil to 2.1 million barrels by December 2024 and gas production by 100 percent by 2027.



Ms. Olu Verheijen, the Special Adviser to President Tinubu on Energy made this known in a statement on Friday highlighting the groundbreaking initiatives of Tinubu’s administration to boost oil and gas investments.



Ms. Verheijen said that 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.



According to her, through the engagement sessions, held in Lagos and Abuja, $13 billion worth of energy investments was secured.



She said, “The sessions 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.



The Special Adviser to the President 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 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.



Ms. Verheijen therefore restated President Tinubu’s dedication to enhancing the investment environment in Nigeria, positioning us as the preferred destination in Africa for the energy sector.



EnergyDay gathered that following the two sessions investment opportunities with an estimated $55.2 billion in investments projected by 2030, of which $13.5 billion is expected to be invested by these companies within twelve months from now.



The representatives of the 15 energy companies explained challenges and issues affecting oil and gas investment strategies in Nigeria and further suggested urgent rollout of planned projects.



The E&P companies identified 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.



Ms. Verheijen further stated that 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.