December 11, 2024
Nigeria to Finalize Investment Decisions on Deepwater Projects by Mid-2025
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Nigeria to Finalize Investment Decisions on Deepwater Projects by Mid-2025

Nigeria to Finalize Investment Decisions on Deepwater Projects by Mid-2025

Nigeria is set to sign Final Investment Decisions (FID) on two major deepwater exploration projects by mid-2025. This was disclosed by Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, during the African Energy Week in Cape Town, South Africa.  

Speaking at the conference themed “The Future of Energy: Shaping the Workforce of Tomorrow”, Verheijen revealed that the country has already unlocked over $1 billion in investments across the energy value chain. She added that one of the upcoming FIDs includes a multibillion-dollar deepwater exploration project, the first of its kind in Nigeria in over a decade.  

She highlighted the presidency’s recent achievements, including reforms to reduce operational costs and project timelines, clarify regulatory roles, and introduce fiscal incentives for Non-Associated Gas and offshore oil and gas production. 

The Special Adviser  expressed optimism that these initiatives would continue to drive investment in Nigeria’s energy sector.

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