Mrs. Olu Verheijen, Special Adviser to the President on Energy, stated that Nigeria’s energy sector will receive a total investment of $6.7 billion by 2024. She revealed this in a report titled ‘Presidency Energy Sector Wrap-Up 2024,’ which was provided by her office, highlighting that the oil and gas sector accounted for $5.5 billion, Nigeria’s energy sector.
According to the report, the federal government invested $400 million in the presidential metering plan, while $700 million was allocated to clean transportation and cooking. According to the article, the $5.5 billion investment was made up of asset acquisitions, including the $1.3 billion acquisition of Shell Petroleum Development Company Limited by Renaissance Consortium.
It stated: “Seplat Energy Plc has finalised the acquisition of Mobil Producing Nigeria Unlimited MPNU from ExxonMobil Corporation ($1.3 billion firm consideration). “Chappal Energies has finalised its acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA ($1.2 billion).
Chappal Energies has finalised the acquisition of Total Energies EP Nigeria’s 10% stake in the SPDC JV licenses in Nigeria ($860 million). Oando Plc has finalised the acquisition of the Nigerian Agip Oil Company (NAOC) ($800 million). “These acquisitions open up onshore fields for a new wave of ambitious indigenous companies eager to invest and increase 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 also highlighted significant investments made in the oil and gas sector as a result of tax breaks for onshore and shallow water non-associated gas (NAG), as well as deep offshore oil and gas.
It stated that SNEPCO invested $5 billion in the Bonga North Deep Offshore Project, the first greenfield deep offshore project in more than a decade, with a production capacity of roughly 110,000 barrels per day. The paper also highlighted Total Energies and Nigerian National Petroleum Company (NNPC) Limited’s $550 million investment in the Ubeta non-associated gas project.
