As part of President Bola Tinubu’s Renewed Hope agenda, which includes greatly transforming Nigeria’s Energy sector that has not been fully focused on for many years and tapped to its full potential, the Special Adviser to the President on Energy, Mrs. Olu Verheijen, in partnership with the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has reportedly wrapped up a series of strategic and fruitful engagements with 15 leading International and independent Oil and Gas Companies operating in Nigeria,
The engagements were held in Lagos and Abuja, and were carefully chosen after a detailed review process by the NUPRC and the Office of the Special Adviser to the President on Energy, with 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, while contributing to stabilising Nigeria’s economy.
According to the Office of the Special Adviser on Energy to the President, the results of the talks disclosed significant 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 12 months from now.
During the 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 million barrels by December 2024, positioning Nigeria well ahead of President Tinubu’s campaign promise of the 2.6 million barrels by 2027.
The proposed measures are also expected to cause a 100% increase in Gas production in Nigeria, by 2027, exceeding President Bola Tinubu’s campaign pledge of 20% growth in that sector.
The Special Adviser noted that President Tinubu remains committed to overcoming these challenges, making Nigeria the top choice for Energy sector investments.
Commenting on the Initiative, Mrs. Verheijen said exactly: “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.
“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.”
She added that with the conclusion of these consultations, it is anticipated that the USD 13.5 billion in short-term investment components currently in the pipeline, will pave the way for the delivery of 2.1 million barrels per day production, by December 2024, barring any unforeseen challenges.
More news later…