This development was disclosed by NNPCL’s Executive Vice President of Upstream, Udy Ntia, during an investor session at the 2025 CERAWeek conference by S&P Global in Houston, Texas. The company’s spokesperson, Olufemi Soneye, issued a statement on Wednesday highlighting the impact of these reforms.
Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPCL) has announced that recent reforms in the country’s oil and gas sector have led to a significant influx of foreign investments, totaling approximately $17 billion in 2024.
This development was disclosed by NNPCL’s Executive Vice President of Upstream, Udy Ntia, during an investor session at the 2025 CERAWeek conference by S&P Global in Houston, Texas. The company’s spokesperson, Olufemi Soneye, issued a statement on Wednesday highlighting the impact of these reforms.
Ntia credited the investment surge to the Petroleum Industry Act (PIA) of 2021 and a series of Executive Orders introduced by President Bola Ahmed Tinubu in 2023. He explained that these reforms have transformed Nigeria’s regulatory framework, introducing incentives for cost recovery, royalty payments, and profit-sharing mechanisms, making the country more attractive to global investors.
Addressing participants on the theme “Spotlight: Attracting Investment for Oil and Gas,” Ntia emphasized Nigeria’s strategic position in the global energy market. He pointed out that the country is expanding its oil and gas industry to meet growing energy demand, influenced by geopolitical shifts and policies of major economies like the United States.
“In Nigeria, despite global energy security challenges, we see tremendous opportunities. We have positioned our assets to maximize the benefits of the current favorable pricing environment, which has been stable for the last few years. This gives us confidence that more investments will continue to flow into the sector,” he said.
Ntia urged international investors to capitalize on Nigeria’s growing oil and gas opportunities, emphasizing that the country has become an investment hub due to its business-friendly policies. He identified key areas for potential investment, particularly in refining and gas development, noting that Nigeria is keen on boosting its refining capacity to reduce dependence on fuel imports.
He also highlighted Nigeria’s vast natural gas reserves, estimated at 207 trillion cubic feet, as a critical asset for industrialization and economic growth.
“Gas will play a vital role in Nigeria’s energy future. We are expanding infrastructure in collaboration with partners such as Shell, ENI, and Total. The LNG Train 7 project is progressing well, and we are investing in domestic pipeline networks to meet local energy demands,” he explained.
Ntia extended a call to investors from China and India, inviting them to explore opportunities in Nigeria’s oil and gas industry. He underscored the nation’s extensive crude oil reserves, exceeding 37 billion barrels, and the flexible investment models available, including joint ventures and production-sharing contracts.
“Nigeria offers a stable democracy, improved security, and a regulatory framework that supports business growth. We encourage investors from China, India, and beyond to partner with us in unlocking the vast potential of our energy sector,” he stated.
The investor session featured key global energy leaders, including Pinxian Zhang, Deputy Director General of Planning at China National Petroleum Corporation; Rajarshi Gupta, Managing Director of ONGC Videsh Ltd; and Masoud Mahmoud, Chairman of Libya’s National Oil Corporation.
CERAWeek, one of the world’s largest energy conferences, attracts thousands of industry experts, policymakers, and corporate leaders annually to Houston, USA, for discussions on the future of global energy.
In a related development, the Nigerian government has assured stakeholders that its drive to attract investment in the oil and gas sector will not significantly impact Africa’s contribution to global carbon emissions.
The Special Adviser to President Tinubu on Energy, Olu Verheijen, addressed concerns about climate impact at a CERAWeek session themed “Policy and People: Pathways to a Just Transition.” She reaffirmed Nigeria’s commitment to fostering an enabling environment for hydrocarbon investments while addressing energy poverty.
Verheijen emphasized that Africa remains a minor contributor to global emissions and that Nigeria’s energy expansion plans align with sustainable development goals.
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