By Yemi Olakitan
Nigerian Minister of State for Petroleum Resources, Timipre Sylva will conduct investment-focused discourse at the Invest in African Energy Reception in London on January 26.
This was revealed by The African Energy Chamber (AEC) (http://www.EnergyChamber.org).
Sylva’s participation is crucial to attracting new finance for Nigeria’s rapidly growing energy industry and allowing new businesses and financiers to establish their presence in one of Africa’s top oil producers.
The 2021 Petroleum Industry Act made Nigeria a top foreign investment destination. The Nigerian energy market is more business-friendly than ever thanks to the Act, which prioritises transparency, procedural clarity, and attractive fiscal terms for regional and international players.
The Minister will highlight opportunities in the sector at the Invest in African Energy Reception in London.
Despite a year of output losses due to oil theft and restricted exploration, the Act has helped the country become Africa’s largest oil producer in 2023. The Nigerian National Petroleum Corporation found and shut down an illegal pipeline that was leaking up to 600,000 barrels per day (bpd) of crude oil, boosting production to 1.2 million bpd in December 2022 and setting the stage for a promising 2023. The government is encouraging E&P activity to increase the oil and gas sector more than before. Thus, upstream players have new chances, and Sylva will advocate for hydrocarbon development during the London event.
Opportunities in the oil industry, over 200 trillion cubic feet (tcf) of proven natural gas reserves, and the potential to raise this to 600 tcf with exploration have made the country the destination of choice for investors and project developers from across the natural gas landscape. Nigerian gas is a top answer to global gas supply problems, and investors are encouraged to take advantage of this fast increasing sector.
Nigeria is well-positioned to fuel regional supply chains, expanding its oil and gas market prospects beyond exports. Nigeria is opening new opportunities for electrification and industrialization in Africa through intra-African gas trade, made possible by the African Continental Free Trade Agreement.
“Minister Sylva attended the Invest in African Energy Reception in London in conjunction with the African Export-Import Bank and Rystad Energy to demonstrate his commitment to securing fresh finance for a range of large-scale projects across Nigeria’s energy value chain. The Minister will lead market-focused debate on why investing in Nigeria is crucial for the African economy and the global energy market. The London event gives financiers and energy players the rare chance to personally meet and connect with a top government figure from Africa’s largest oil producer, and the AEC encourages all those interested in extending their footprint in Africa to attend “NJ Ayuk, AEC Executive Chairman.