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Monday, July 15, 2024

FG wraps up deal with 15 oil firms to deliver $13.5bn investments in 18 months 

The Special Adviser to the President on Energy, Mrs. 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.

The oil companies in the deal include 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 stabilizing Nigeria’s economy. 

According to the Office of the special adviser on energy, results of these 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 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 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 by 2027, exceeding President Bola Tinubu’s campaign pledge of 20% growth in that sector. 

President Tinubu remains committed to overcoming these challenges, making Nigeria the top choice for energy sector investments.

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