Nigeria Seeks Global Investment to Develop Over 200 Untapped Oil Wells
By NaijaEnquirer Staff
The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged international investors to seize opportunities in Nigeria’s energy sector, citing more than 200 undeveloped oil fields and vast gas reserves awaiting exploration.
Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, made the appeal during an interview with NBC’s Hala Gorani at the Gastech Exhibition & Conference in Milan, Italy.
Untapped Oil and Gas Opportunities
Ojulari explained that apart from Nigeria’s robust gas potential, the country’s crude oil assets hold significant untapped reservoirs that could boost production beyond the current 1.7 million barrels per day. He stressed that unlocking these opportunities requires foreign investment in infrastructure and field development.
Improved Investment Climate
Commending President Bola Ahmed Tinubu for reforms that have improved Nigeria’s business environment, Ojulari noted that NNPC Ltd is determined to meet its targets and deliver greater value to shareholders. He pointed to rising investor interest in gas-based industries such as petrochemicals and methanol plants.
Key Infrastructure Projects
The GCEO highlighted several critical gas infrastructure projects nearing completion, including the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the NLNG Train 7 Project. These, he said, are central to Nigeria’s vision of powering its transportation sector with Compressed Natural Gas (CNG) while also addressing industrial demand.
Green Energy Commitments
Ojulari emphasized NNPC Ltd’s commitment to carbon capture projects, energy efficiency improvements, and reduced gas flaring to align with global sustainability goals and financing partners’ requirements. He stressed that Nigeria’s energy transition is anchored on eradicating energy poverty through massive investments in gas and Liquefied Petroleum Gas (LPG) for clean cooking.
Global Engagement
He noted that Gastech 2025, which hosts over 50,000 professionals and more than 1,000 exhibitors from 150 countries, provides a unique platform for Nigeria to attract strategic partners. “This is about positioning Nigeria as Africa’s preferred destination for energy investment,” Ojulari said.
