Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies.

Special Adviser on Energy to  President Bola Tinubu, OluVerheijen, revealed this in a statement made available to newsmen, Weekend.

Verheijen said the President and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have met with representatives of 15 oil and gas companies operating in Nigeria and have secured their commitment to invest in Nigerian oil and gas.

In his words, “We are faced with a revenue crisis which is impacting all Nigerians. To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and forex to stabilize our economy and currency.

“And the oil and gas sector remains critical to our ability to do so despite current production levels falling significantly short of our potential”.

Recall that President Tinubu’s Spokesman, AjuriNgelale, had earlier stated that Exxon would boost its crude oil production in Nigeria by an additional 40,000 barrels per day (bpd).

Currently, Nigeria’s oil production is around 1 million bpd below its capacity.
The Federal Government has cited a lack of investments, a shortage of funding sources because of the energy transition, and insecurity as among the factors driving the situation.

Source- The Tide Newspaper.