Nigeria’s deep-water oil projects have risen to the top tier of global returns, moving from the bottom quartile among 13 major oil-producing nations to the top three.
Mrs. Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, shared this milestone in her keynote address at an Executive Session of the Energy Institute and the National Association of Petroleum Explorationists in Abuja.
Verheijen noted that the transformation stems from a series of major reforms in Nigeria’s oil and gas sector under President Tinubu’s administration, aimed at enhancing fiscal policies and improving the investment climate. For the first time, a fiscal framework has been established for deep-water gas, a move she called historic.
One notable success is the Ubeta Non-Associated Gas project, a $500 million venture whose field was discovered in 1965 but only unlocked for development this year. Nigeria is now poised to attract a share of the $90 billion in global financing available for deep-water projects, with hopes of bringing five major projects on-stream and tapping into an estimated 1.3 billion barrels of oil equivalent.
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“We’re gearing up for the first FID on a greenfield deep-water development since 2013’s Egina project,” Verheijen said, adding that momentum will only grow as Nigeria heads into 2025. “This progress underscores President Tinubu’s revolutionary energy agenda, demonstrating that our challenges are both addressable and fixable.”
These deep-water investments, Verheijen explained, promise widespread economic benefits. Increased foreign exchange inflows will aid currency stabilization and macroeconomic balance, while local economies stand to benefit from construction, hiring, skill-building, and technology transfer. With newly built infrastructure reducing costs for future projects, a cycle of investment is expected.
She also emphasized that energy investment is a powerful catalyst for job creation, industrialization, and long-term prosperity for both Nigeria and the African continent.
“Your partnership is essential to our energy revolution,” Verheijen urged stakeholders. “Our commitment to sustained reforms is unwavering, and we welcome partners who believe in our vision for Nigeria’s energy sector.”
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