1,068 oil projects to attract $22.8bn investments – FG

The Federal Government on Wednesday disclosed that about 1,068 oil and gas projects approved between 2022 and 2023 are to attract a total of $22.8 billion naira.

He made this known during panel session at the ongoing 7th Nigeria International Energy Summit in Abuja, saying that Nigeria’s technical crude oil production potential was currently 2.26 million barrels per day.

After the government disclosed this through the Nigeria  Upstream Petroleum Regulatory Commission, Gbenga Komolafe,  the Chief Executive NUPRC, told representative at the Summit that the country was gradually approaching the oil production share approved by the organization of Petroleum Exporting Countries.

According to what he called “success  story” in Nigeria’s oil sector, Komolafe stressed that, “A total of 51 Field Development Plans were approved in the year 2022 – 2023, expected to attract a total $17.64bn investment inflow as well as deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the next five years.

“A total of circa $2.5bn investment in 175 wells drilling in the year 2022 – 2023. A total of $2.68bn investment in 842 well workovers and other well intervention activities in the year 2022 – 2023 resulting in increased average oil production.

“275 per cent growth in rig count from just eight in 2021 to average of 30 in the past one year. Early first oil achieved in recently streamed fields  through accelerated FDPs.

“Some of the fields include: Ikike (Total), Efe field (Newcross), Utapate, (NEPL), Akubo Field (SEEPCo), Oyo (General Hydrocarbon) and several others streamed under Extended Well Tests including Ethiope, Omefejo, Ofa, Olure, Ibom, ApaniKalaekule, etc.”

He added that though the actual national crude oil production currently averages 1.33 million barrels per day and 256,000 barrels of condensate per day, the national technical production potential currently stands at 2.26 million bpd, while the current OPEC quota is 1.5 million bpd.

 Komolafe said, “Closing the gap between the actual oil production and the technical potential presents a window of  investment opportunities for investors and a significant  opportunity for Nigeria to unlock additional revenue streams, address the current foreign exchange gap and strengthen her economic resilience. So there is opportunity in every disability.”

He stressed that, the commission had also intensified efforts in collaborating with the International Oil Companies to ensure accelerated maturation and development of some high volume deep offshore assets.

At this point, permit me to reiterate that both open and closed bids are permissible by the law as Section 73(1) of the PIA does not preclude either approach, so far as the licensing round is ‘…based on a fair, transparent and competitive  bidding process’.”

Speaking further, the NUPRC boss said huge opportunities also exist in Seismic acquisition on multiclient basis, development of deeper hydrocarbon opportunities,  drilling and well services in both green and several mature fields, waste management, etc.

 Komolafe explained that, “There are also business prospects in decarbonisation and carbon-pricing system currently being stewarded by the commission. Each of these areas provide a unique entry point for willing investors.”

Zainab Odunayo
Zainab Odunayo
Zainab Odunayo is a News Reporter at Wakadaily News, specializing in politics and current affairs. With a strong passion for storytelling and a keen interest in social issues, Zainab brings insightful perspectives to her reporting.

Popular Related

FG to sanction airlines over delayed ticket refunds 11th December 2024

The Federal Government through the Nigerian Civil Aviation Authority (NCAA) is ready to sanction any airline that delays ticket refunds to passengers. The aviation body’s...

FG’s free train rides excite passengers

President Bola Tinubu has approved free train rides across the country from December 20, 2024, to January 5, 2025. The President made this announcement to...

Climate change affecting 80% of businesses – Report

Based on the hardship faced by the entire populace globally many businesses are suffering from consequences of climate change which is rapidly changing the...

LCCI advises FIRS to deepen tech adoption

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Inland Revenue Service to boost its technology adoption to enhance its...

SSANU, NASU commences strike, shuts down institutions

Today, Monday, members of the Non-Academic Staff Union and the Senior Staff Association of Nigerian Universities launched a nationwide strike against the Federal Government...

FG waives off signing bonus for oil blocs acquisition

In the bidding procedure for recently auctioned oil blocks, the Federal Government has waived the signing bonus requirement. This exemption, according to Mr. Heineken Lokpobiri,...

Study proposes improved interest rate policy to boost capital market

Following the economical crisis and level of hardship, Economists said that Nigeria’s interest policy rate needs to improve to ensure capital market development. This was...

Okomu Oil Palm strengthens security collaboration after hoodlum attack

Following a recent attack on its facilities, Okomu Oil Palm Company Plc has collaborated with relevant authorities to bring the perpetrators to book. This was...

ACCA recognise tax reform panel chair, others

The Association of Chartered Certified Accountants has honoured Taiwo Oyedele the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, and other...

Tinubu approve infrastructure devt fund, FG eyes $25bn annually

In line with the Renewed Hope Agenda of President Tinubu's led administration, On Monday, he gave approval for the Infrastructure  Development Fund in order...