Major International Oil Companies (IOCs) in Nigeria have earmarked over $55 billion investment in various oil and gas activities up to 2030. Analysts believe this is an outcome of President Tinubu’s intensive investment drive recently.
According to Special Adviser to the President on Energy, Olu Verheijen, the commitment follows a series of engagements with key government officials.
About $13 billion is billed to be invested by these companies within 12 months from now.
Apart from oil majors like Shell, TotalEnergies, ExxonMobil, Eni and Chevron, there are also notable independent energy, oil, and gas companies that are keying into the deal.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), alongside other agencies met with representatives of 15 oil and gas companies operating in Nigeria where they discussed a strategic approach to advance a Presidential Initiative aimed at addressing the nation’s revenue emergency whilst contributing to stabilizing Nigeria’s economy.
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 indigenous oil firms in the deal include Seplat, Heirs Holdings, Waltersmith, First E&P, among others.
According to Verheijen, “The 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.
“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,” Verheijen said.
