The roadshow takes place ahead of the African Energy Week: Invest in African Energy conference – scheduled for November 4-8 in Cape Town. 

With the largest natural gas reserves in Africa at 200 trillion cubic feet (tcf) and the second largest oil reserves in the continent with 37 billion barrels, Nigeria offers a wealth of opportunities for foreign investors and project developers alike. Through the implementation of the Petroleum Industry Act (2021) – a framework for the oil and gas sector – the country has enhanced its attractiveness for foreign investment, laying the foundation for a wave of developments to kick off across the oil and gas market. 

Given the rising interest in Nigerian oil and gas, the African Energy Chamber (AEC) – representing the voice of the African energy sector – will host an energy roadshow in Lagos, Nigeria on June 25 from 17:00 to 20:00 at the Art Hotel. The AEC Lagos Roadshow is a strategic opportunity for companies to connect and provides insight into the dedicated Nigerian program planned for the African Energy Week (AEW): Invest in African Energy conference – Africa’s premier energy event, taking place from November 4-8 in Cape Town. 

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.aecweek.com for more information about this exciting event. 

The cornerstone of the Nigerian economy, the oil industry has seen rapid expansion in recent years and continues to offer robust commercial opportunities for E&P companies. Despite representing a largely established oil market with strong infrastructure in place, undeveloped acreage in both deepwater and shallow water basins presents strategic prospects for investors. The country’s production measured 1.25 million barrels per day (bpd) in May 2024, with new developments poised to increase national output. 

The Bonga North deepwater project – with a capacity of 110,000 bpd – is set to come online in 2025. The $5 billion project will unlock an estimated 525 million barrels of additional crude oil reserves in the Bonga field and is an expansion of existing operations. Additionally, currently in its feasibility stage, the JK field is a conventional oil project in shallow waters in Block OML 74. Set to come online in 2026, the project has a capacity of 70,000 bpd. Other field developments in the pipeline include the HD field with a capacity of 50,000 bpd; the HA field with a capacity of 60,000 bpd; the Preowei field with a capacity of 70,000 bpd and many more. 

In the natural gas sector, Nigeria has plans to become a gas-driven economy and is inviting investment across the entire value chain to support this goal. The country aims to increase gas production to 5.5 billion cubic feet per day by 2030 and has launched a Decade of Gas initiative to drive this. The initiative – launched in 2021 – was established to maximize the country’s gas resources, reduce gas flaring while accelerating industrialization and electrification. Under this framework, Nigeria has witnessed robust growth in the industry, with investments geared towards bringing new production online.  

In February 2024, energy major TotalEnergies kickstarted operations at the Akpo West field, increasing output to 14,000 barrels of condensate per day. The project will produce an additional four million cubic meters of gas by 2028. In May 2024, Nigeria inaugurated three gas projects – the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3 km ANOH to Obiafu-Obrikom-Oben Custody Transfer Metering Station Gas Pipeline. Downstream, energy major Shell made FID for the construction of a gas supply facility in 2024. The project will provide feedstock for the Dangote Fertilizer and Petrochemical plant – the largest refinery in the continent – for a period of ten years. Additionally, the Ajaokuta-Kaduna-Kano pipeline – a two billion cubic feet per day project – is expected to be completed by mid-2024. 

To stimulate further investment in the oil and gas industry, Nigeria launched its 2024 licensing round in April 2024. The round features 12 deep offshore and shallow water blocks – including five from the 2023 licensing round – and is available for bidding through January 2025. Aimed at attracting local and international explores to the market, the licensing round follows a series of billion-dollar commitments made by foreign oil and gas firms – all of which signal the growing global interesting in developing Nigerian gas. Specifically, energy major Shell announced plans to invest up to $1 billion over the next ten years to develop gas resources in the country. On the back of the licensing round, Nigeria is well-positioned to unlock new commercial finds while bolstering production at mature assets. 

Stepping into this picture, the AEC Lagos Roadshow provides a platform for networking among industry players in Nigeria. The roadshow – serving as a prelude to the AEW: Invest in African Energy conference – will kickstart discussions around investing in Nigeria’s oil and gas market. The event provides opportunities for industry stakeholders to engage while meeting members of the AEC. Interested in joining the conversation around Nigeria’s oil and gas future? RSVP for the AEC Lagos Roadshow through this link: https://energychamber.org/nigeria-roadshow/