Nigeria to attract $48bn oil investment – NNPC Boss

The Nigerian National Petroleum Corporation (NNPC) plans to attract $48.04 billion in oil and gas investments over the next seven years, Group MD, Maikanti Baru, said on Monday.

Baru who was speaking during a session at the 2019 edition of the International Petroleum Week in London, called on investors from across the globe to take advantage of the expected investment opportunities.

According to him, over 41 billion barrels of oil (bbl) and 319 trillion cubic feet (tcb) of gas were yet to be discovered in the sub-Saharan region.

He said several new frontiers for exploration opportunities abound in Nigeria, and that offshore discoveries in the country have mostly been limited to between 1,000 to 1,500 metres of water depth.

The NNPC boss also stated that within this investment window, the country would have 20 out of the 93 projects to be funded across the continent’s oil and gas industry.

He said the continent’s energy outlook remains positive amid difficult operating and economic headwinds and there has been a surge in capital expenditure (CAPEX) across Africa’s oil and gas sector, with close to $194 billion earmarked to be spent between 2018 and 2025.

Baru said 23.8 percent of CAPEX in Africa would be spent in Mozambique, Angola Tanzania, Senegal, Mauritania, Uganda, Egypt, Algeria and Kenya.