The Nigerian oil and gas sector unveiled substantial new investments totaling $13 billion..
Ms. Olu Verheijen, serving as the Special Adviser to President Tinubu on Energy, has unveiled a set of groundbreaking initiatives designed to bolster investments in the oil and gas sector. Furthermore, she has successfully secured a substantial $13 billion in energy investments.
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In an official statement, Ms. Verheijen announced her collaboration with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the conclusion of a series of strategic dialogues with fifteen prominent international and independent Oil and Gas Companies actively operating in Nigeria. These crucial sessions, meticulously selected following a comprehensive review process conducted by NUPRC and the Office of the Special Adviser to the President on Energy, included industry giants such as Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, First E&P, and several others.
Ms. Olu Verheijen, while elaborating on this transformative initiative, conveyed, “We are currently confronted with a revenue crisis that impacts every Nigerian citizen. To address this pressing issue with urgency, President Bola Tinubu is actively seeking avenues to boost revenue and foreign exchange reserves, thereby stabilizing our economy and currency. The oil and gas sector, despite its current production levels falling short of our potential, remains pivotal in achieving this objective.”She continued by highlighting the significance of these high-level engagements with oil and gas industry leaders.
These discussions are expected to expedite comprehensive reforms aimed at unlocking investments crucial for the restoration and expansion of oil and gas production in Nigeria over the short, medium, and long terms. President Bola Tinubu’s commitment to improving the investment climate in Nigeria and positioning the nation as the preferred destination for energy sector investments in Africa underscores the determination to drive economic growth and stability.
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