According to the federal government, in 2024, Nigeria’s energy sector received a total investment of $6.7 billion.
The “Presidency Energy Sector Wrap-Up 2024,” which was put together and made public by the office of the Special Adviser to the President on Energy, includes this information.
The oil and gas industry received $5.5 billion of the $6.7 billion total investment, the Presidential Metering Initiative received $400 million from the federal government, and $700 million was allocated to clean cooking and mobility.
- Shell Nigeria Exploration and Production Company (SNEPCO) has invested $5 billion in the Bonga North Deep Offshore Project, making it the “first green field Deep Offshore project in over a decade,” according to the report.
- Nigeria could produce about 110,000 barrels of oil per day through the project.
Large-Scale Purchases In The Oil And Gas Industry
Five significant oil and gas industry acquisitions that were finished in 2024 were included in the study. Among them are:
- Renaissance Consortium acquired Shell Petroleum Development Company Limited for $1.3 billion.
- For $1.3 billion, Seplat Energy Plc purchased Mobil Producing Nigeria Unlimited MPNU from ExxonMobil Corporation.
- In a deal valued at US$1.2 billion, Chappal Energies successfully acquired Equinor Nigeria Energy Company (ENEC), a division of Equinor ASA of Norway.
- For $860 million, Chappal Energies purchased otalEnergies EP Nigeria’s 10% stake in the SPDC JV licenses in Nigeria.
- In a $800 million transaction, Oando Plc successfully acquired the Nigerian Agip Oil Company (NAOC).
Olu Verheijen, President Bola Tinubu’s Special Adviser on Energy, stated that the administration is dedicated to collaborating with public and private sector parties to increase Nigeria’s energy supply.
“While in power, we launched, among other initiatives, the new Presidential Metering Initiative (PMI). Our mission, in collaboration with all industry stakeholders in the public and commercial sectors, is to increase the availability, cost, and dependability of on-grid power.”
“We look forward to your feedback and comments and will keep interacting, working together, and communicating with stakeholders throughout the energy sector,” she stated.
According to the research, Nigeria secured four of the five upstream projects made in Africa in 2024, making it the country with the largest upstream oil and gas investment.
“In the Oil & Gas sector, 2024 was a year of bold reforms that improved Nigeria’s investment competitiveness.”
Outlook For The Oil And Gas Industry
- According to the research, Nigeria is expected to attract more than $5 billion in gas investments by 2029, “enhancing gas availability for export and supporting the energy transition. “
- According to the statement, Nigeria is expected to access more than $30 billion in Deep Offshore investments by 2029.
