Nigeria has climbed to the top three globally in deepwater oil project rankings, thanks to major reforms in the energy sector under President Bola Tinubu’s administration.
This milestone marks a significant improvement from its previous position in the bottom quartile among 13 indexed countries.
The announcement was made by Mrs. Olu Verheijen, Special Adviser to the President on Energy, during a keynote address at an executive session of the Energy Institute and the National Association of Petroleum Explorationists (NAPE).
Milestones in Deepwater Development
According to Verheijen, Nigeria has also established its first-ever fiscal framework for deepwater gas, positioning the country to attract substantial international investments.
“In April this year, the Ubeta Non-Associated Gas project, valued at $500 million, reached a Final Investment Decision (FID). This field, discovered in 1965, has finally been unlocked, delivering prosperity to Nigerian businesses and lives,” Verheijen stated.
She further disclosed that Nigeria is strategically positioned to access $90 billion in global financing for deepwater projects, offered by International Oil Companies (IOCs) operating in the country. By capturing just 20% of this funding, Nigeria could initiate five major deepwater projects, unlocking approximately 1.3 billion barrels of oil equivalent (boe).
Momentum for 2025
Verheijen revealed that the country is gearing up for its first FID on a greenfield deepwater development since the Egina project in 2013. She expressed optimism that investment momentum will accelerate in 2025, underscoring the transformative impact of the Tinubu administration’s energy reforms.
“All these new investments will bring foreign exchange inflows, boost exchange rate management, and support macroeconomic stability. Local economies will benefit from increased spending on construction and hiring, alongside skill-building and technology transfer,” Verheijen added.
A Call for Collaboration
Verheijen called on stakeholders to join Nigeria’s unfolding energy revolution, emphasizing the importance of collaboration to sustain the momentum of reforms.
“We want to work closely with partners who believe in our ability to keep our pledges and ensure that the reform momentum never loses steam,” she urged.
The special adviser highlighted that energy investments remain critical for Nigeria’s industrialization, job creation, and long-term prosperity, not just for the country but for the African continent at large.
With these developments, Nigeria is poised to solidify its position as a leader in the global energy sector, attracting investment and fostering sustainable economic growth.
