The Special Adviser to the Nigerian President on Energy, Olu Verheijen, has said that the Nigerian energy sector attracted investments worth $6.7 billion in 2024.
Verheijen said in a report titled ‘Presidency Energy Sector Wrap-Up 2024’ released by the office on Wednesday that $5.5bn of the total investment went into the oil and gas sector, while $400m of the Federal Government’s funds went into the presidential metering initiative and the Clean Mobility and Cooking programme gulped $700m.
It added that assets acquisition accounted for $5.5bn investment. This includes Renaissance Consortium’s acquisition of Shell Petroleum Development Company Limited at $1.3bn.
“Seplat Energy Plc completed the acquisition of Mobil Producing Nigeria Unlimited MPNU from ExxonMobil Corporation ($1.3bn (firm consideration).Chappal Energies completed the acquisition of Equinor Nigeria Energy Company, a subsidiary of Norway’s Equinor ASA ($1.2bn).
“Chappal Energies completed the acquisition of TotalEnergies EP Nigeria’s 10 percent interest in the SPDC JV licenses in Nigeria ($860m).
Oando Plc completed the acquisition of the Nigerian Agip Oil Company ($800m).
“These acquisitions unlock onshore fields for a new wave of ambitious indigenous companies ready to invest and boost production. This shift strengthens local ownership, drives immediate growth in oil and gas output, and sets Nigeria on a path to a more stable and prosperous energy future,” the report said.
Additionally, the report emphasised key investments the Nigerian Government secured in the oil and gas sector through tax incentives for onshore and shallow water Non-Associated Gas and deep offshore oil and gas.
The report also disclosed that SNEPCO invested $5bn in the Bonga North Deep Offshore Project, the first greenfield deep offshore project in over a decade. Its production capacity is estimated at 110,000 barrels per day.
In the gas industry, Total Energies and Nigerian National Petroleum Company Limited invested $550m in the Ubeta non-associated gas project.
The report further revealed that the Nigerian government is targeting $30 billion in the oil sector and $5 billion in the gas industry by 2029. It affirmed that Nigeria is now positioned to attract $5 billion in gas investments by 2029, enhancing gas availability for export and supporting the energy transition.
Verheijen said that Nigeria was positioned to tap into $30 billion in deep offshore investments by 2029.
She added that the government was aiming to achieve economic growth and maximise Nigeria’s energy resources.
GIK/APA