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Nigeria secures $13 billion oil and gas investment commitment from Shell, ExxonMobil, others – Olu Verheijen

Ms. Olu Verheijen, the Special Adviser to President Tinubu on Energy has unveiled groundbreaking initiatives to boost oil and gas investments. She has also secured $13 billion worth of energy investments.  

In a September 22 statement sent to TheTimes, 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, 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 and included Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, First E&P, among others.  

Oil context 

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 twelve 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 the key enablers required that will 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.  

Gas context 

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.

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

With the conclusion of these consultations, it is anticipated that the $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.     

Addressing challenges 

Commenting on the initiative, Mrs. Olu Verheijen, 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. President Bola Tinubu is dedicated to enhancing the investment environment in Nigeria, positioning us as the preferred destination in Africa for the energy sector.” 

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