The Special Adviser to the President on Energy, Olu Verheijen, has revealed that Nigeria\u2019s energy sector received injections worth $6.7bn in 2024.<\/p>\n
Verheijen revealed this in a report titled \u2018Presidency Energy Sector Wrap-Up 2024\u2032 released by her office on Wednesday.<\/p>\n
According to the report, $5.5bn of the total investment went into the oil and gas sector. $400m of the Federal Government\u2019s funds went into the presidential metering initiative, while its Clean Mobility and Cooking programme gulped $700m.<\/p>\n
Assets acquisition accounted for the $5.5bn investment.<\/p>\n
This includes Renaissance Consortium\u2019s acquisition of Shell Petroleum Development Company Limited at $1.3bn.<\/p>\n
The report read in part, \u201cSeplat 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\u2019s Equinor ASA ($1.2bn).<\/p>\n
\u201cChappal Energies completed the acquisition of TotalEnergies EP Nigeria\u2019s 10 percent interest in the SPDC JV licenses in Nigeria ($860m). Oando Plc completed the acquisition of the Nigerian Agip Oil Company (NAOC) ($800m).<\/p>\n
\u201cThese 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.\u201d<\/p>\n
Additionally, the report emphasised key investments the FG secured in the oil and gas sector through tax incentives for onshore and shallow water Non-Associated Gas and deep offshore oil and gas.<\/p>\n
Verheijen\u2019s report revealed that SNEPCO invested $5bn in the Bonga North Deep Offshore Project, the first greenfield deep offshore project in over a decade.<\/p>\n
Its production capacity is estimated at 110,000 barrels per day.<\/p>\n
In the gas industry, Total Energies and Nigerian National Petroleum Company Limited invested $550m in the Ubeta non-associated gas project.<\/p>\n
The report further revealed that the FG is targeting $30bn in the oil sector and $5bn in the gas industry by 2029. It affirmed that Nigeria is now positioned to attract $5bn in gas investments by 2029, enhancing gas availability for export and supporting the energy transition.<\/p>\n
Verheijen said Nigeria is positioned to tap into $30bn in deep offshore investments by 2029.<\/p>\n
The presidential aide added that the FG\u2019s efforts aim to achieve economic growth and maximise Nigeria\u2019s energy resources.<\/p>\n
She revealed, \u201cIn power, we launched, among other interventions, the new Presidential Metering Initiative.<\/p>\n
\u201cOur goal, working with all industry stakeholders across public and private sectors, is to improve the availability, affordability and reliability of on-grid power.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Special Adviser to the President on Energy, Olu Verheijen, has revealed that Nigeria\u2019s energy sector received injections worth $6.7bn in 2024. Verheijen revealed this in a report titled \u2018Presidency…<\/p>\n","protected":false},"author":1,"featured_media":116102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-116101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n