The Presidency has said that the Nigeria’s deepwater oil projects now deliver competitive returns and the country has moved from bottom quartile of 13 indexed countries to top three.
Mrs Olu Verheijen, the Special Adviser to President Bola
Tinubu on Energy, disclosed this in a keynote address at an Executive Session
of the Energy Institute and the National Association of Petroleum
Explorationists (NAPE).
In a copy of the address made available to newsmen in Abuja
on Friday, Verheijen noted that, in deepwater gas, Nigeria has moved from a
total absence of a fiscal framework, to having one for the first time in
history.
She said the feats were attained by major oil and gas sector
reforms by the President BolaTinubu’s administration aimed at improving fiscal
attractiveness and ease of doing business.
According to her, the reforms targeted actual bottlenecks
and real projects in the investment pipelines,
“In April this year, FID was reached on the Ubeta
Non-Associated Gas project, a half-a- billion dollar project.
“The Ubeta field was discovered in 1965 and has finally been
unlocked to deliver prosperity of multitudes of Nigerian lives and businesses,”
she said.
Verheijen also disclosed that Nigeria is positioned to tap
into 90 billion dollar in financing available for deepwater projects around the
world, by IOCs that are already operating in the country.
“Accessing 20 per cent of this, will be more than enough to
bring five major deepwater projects on-stream, unlocking 1.3 billion barrels of
oil equivalent (boe).
“We are gearing up for our first FID on a greenfield
deepwater development since the last one (Egina) in 2013.
“Going into 2025, we expect the investment momentum to
quicken, proving beyond any doubt, that President Tinubu’s energy reform agenda
is truly revolutionary. Our challenges are addressable, and fixable.
She added: “All these new investments will have major
implications for the Nigerian economy.
“The foreign exchange inflows will help with exchange rate
management and macroeconomic stability; local economies will benefit from the
increased spending on construction and hiring; skill-building and technology
transfer will take place.
“Importantly, with the industry infrastructure being
developed, each new investment will ensure that subsequent projects are
possible at lower costs and with the guarantee of greater returns – creating a
virtuous cycle of new investments”
The special Adviser noted that the session was apt at the
time Nigeria needed ever-increasing levels of energy investment to catalyse its
economic development.
She added that energy, in its many forms, is a vital path to
higher paying jobs, to industrialisation, to innovation, and to sustained
prosperity, for Nigeria and for all of Africa.
Verheijen called on the stakeholders to be a part of the unfolding energy revolution in the country.
“We cannot succeed without you, without listening to you and
taking your feedback.
“As much as we want to attract financing, we also want to
work closely with partners who truly believe in our ability to keep our pledges
and to ensure that the reform momentum never loses steam,” she said.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com