To increase oil and gas investments, Ms. Olu Verheijen, President Tinubu’s special adviser on energy, has revealed ground-breaking proposals. In addition, she has landed energy deals worth $13 billion.
Ms. Verheijen claimed that she had teamed up with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and had completed a series of strategic engagements with fifteen (15) of the country’s top independent and foreign oil and gas companies.
The companies that participated in these sessions, which were conducted in Lagos and Abuja, were carefully selected following a thorough assessment process by NUPRC and the Office of the Special Adviser to the President on Energy. These companies included Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, and First E&P, among others.
The advancement of a Presidential Initiative intended to alleviate the country’s revenue crisis while helping to stabilize Nigeria’s economy was one of the discussions’ main goals.
The findings of these discussions revealed enormous investment prospects, with an estimated $55.2 billion in investments forecast by 2030, of which $13.5 billion is expected to be committed by these corporations within the next year, according to the office of the special adviser on energy.
Participating operators provided insights into the difficulties and hindrances affecting their investment plans and the quick implementation of anticipated projects during these dialogues.
Together, they identified the crucial factors needed to guarantee the delivery of 2.1 million barrels by December 2024, putting Nigeria far ahead of President Tinubu’s election pledge of 2.6 million barrels by 2027.
The planned actions, in accordance with Ms. Verheijen, are also anticipated to result in a 100% rise in gas output by 2027, exceeding President Bola Tinubu’s campaign promise of 20% growth in that sector.
To make Nigeria the best option for energy sector investments, President Tinubu is still dedicated to overcoming the problems that have been recognized.
With the completion of these discussions, it is envisaged that, barring any unforeseen difficulties, the $13.5 billion in short-term investment components that are now in the pipeline will prepare the way for the delivery of 2.1 million barrels per day production by December 2024.
Mrs. Olu Verheijen, Special Adviser to the President, commented on the effort and 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.”
