Nigeria Opens 200+ Underdeveloped Oil Wells to International Investors as Production Target Set
The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued an urgent call to international investors to channel funds into Nigeria’s energy sector, revealing over 200 underdeveloped oil fields ripe for investment. Group Chief Executive Officer Engr. Bashir Bayo Ojulari disclosed that beyond gas opportunities, existing crude oil assets contain massive untapped reservoirs that could significantly boost production from the current 1.7 million barrels per day.
Speaking during the Energy Talk segment at the Gastech Exhibition & Conference in Milan, Italy, Ojulari emphasized that President Bola Ahmed Tinubu’s administration has dramatically improved Nigeria’s investment climate, positioning the country as Africa’s preferred energy investment destination. The NNPC Ltd management is aggressively pursuing targets to deliver unprecedented value to shareholders.
While several investors are already establishing gas-based industries including petrochemicals and methanol plants, Ojulari stressed that substantial additional investments are critical for building infrastructure to support the Federal Government’s ambitious plan to power the nation’s transportation sector with Compressed Natural Gas (CNG). The company is heavily investing in carbon capture projects and advanced technology to enhance energy efficiency and reduce gas flaring.
Critical infrastructure projects including the Ajaokuta-Kaduna-Kano (AKK) Gas pipeline are in advanced stages, while the NLNG Train 7 Project continues progressing. Nigeria’s energy transition strategy focuses on eradicating energy poverty, requiring enormous investments in gas as the industrialization fuel of choice and Liquefied Petroleum Gas (LPG) for over six million Africans lacking clean energy access.
Source: orientalnewsng.com
