The Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Mr Bala Wunti on Wednesday said that $18bn would be invested between now and next year in the Nigeria’s oil and gas sector.
Wunti said this while speaking during a panel session at the 22nd edition of the NOG Energy week being held in Abuja, Nigeria’s capital
The NOG Energy Week Conference & Exhibition was previously known as Nigeria Oil & Gas (NOG) Conference & Exhibition
The panel session had as its theme, “The investors perspective: Assessing the attractiveness of Nigeria’s energy sector.”
On the investment opportunities in the oil and gas sector, Wunti stated that the drive to broaden local content and develop capacity in the upstream industry is non-negotiable.
“About 4 days ago, Total in partnership with NNPC launched Tender for project, that tender will rake in Foreign Direct Investment. “SNEPCO is about to take a Final Investment Decision on Bonga And that will also give us an investment in the neighbourhood of $4bn. Going back to total we are restarting Preowei project and we expect about $2bn investment.”
Discussions on the panel centred around the barriers that currently exist to investing in Nigeria’s energy market and how can the investor’s confidence be strengthened; the fiscal policies required to attract investment into Nigeria’s energy sector beyond hydrocarbons; and the necessary enablers needed for attracting investment into the upstream sector.
Wunti attended the session with the Chief Executive Officer of Seplat Roger Brown; the Managing Director of Shell Nigeria Exploration and Production Company Ltd, Elohor Aiboni; Chief Executive Officer of Oilserve Limited Emeka Okwuosa and the Founding Partner Argentil Capital Partners Olumide Ofunfowora.
The Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Mr Bala Wunti on Wednesday said that a whopping sum of $18bn would be invested between now and next year in the Nigeria’s oil and gas sector.
Wunti said this while speaking during… pic.twitter.com/xJPFR8nqx1
— Ayekooto (@DeeOneAyekooto) July 12, 2023
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