Nigeria Secures Over $8bn Deepwater Oil and Gas FIDs as Presidential Reforms Spur Investment
The federal government has disclosed that Nigeria attracted over $8 billion in Deepwater oil and gas Final Investment Decisions (FIDs) in less than one year, underscoring recent presidential actions to remove the existing bottlenecks in the sector.
Speaking at the just concluded 2025 Africa CEO Forum in Abidjan, Côte d’Ivoire, the Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, explained that Nigeria has recently focused on improved fiscal terms, streamlined contracting timelines and greater clarity to local content rules.
A statement signed on Wednesday by the Team Lead, Communications, Office of the Special Adviser to the President on Energy, Senan Murray, noted that as a result of these reforms, including the restructuring which is enabling gas-to-power commercial viability, “We moved from gridlock to greenlight, and investors responded.”
Delivering her message to policymakers, investors, and industry leaders across the continent, Verheijen insisted that “Capital is not African or foreign”, explaining that “It is rational; and Africa must compete for it.”
Multi-billion-dollar Deepwater and LNG projects are global capital territory, Verheijen said, and Africa must partner smartly, not from dependency, but from aligned strategic interest. Citing the fact that Africa attracted $340 billion in upstream capital between 2011 and 2015, a figure expected to drop to less than $130 billion by 2026–2030, she described it as “not a funding winter”, but “a structural decimation.
Meanwhile, Nigerian oil and gas service providers have started jostling for a share of contracts in three big projects currently ongoing in the nation’s upstream petroleum sector, including Shell’s $5 billion Bonga North and $122 million Iseni Gas Projects, as well as TotalEnergies’ $550 million Ubeta Gas Project.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), an umbrella body of the local service firms, Mr. Wole Ogunsanya, disclosed this to reporters during the PETAN Golf session at the just-concluded Offshore Technology Conference (OTC) held in Houston, Texas, USA.
This was just as Ogunsanya, who is also the Chief Executive Officer of Geoplex, revealed that Nigeria’s participation at the yearly OTC conference has attracted over $8 billion investments to the country’s oil and gas sector.
Source: Arisetv
