"On Wednesday, Mr. Bala Wunti, the Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), announced that a significant amount of $18 billion will be invested in Nigeria's oil and gas sector within the coming year."

Wunti made this statement during a panel discussion at the 22nd NOG Energy Week, which took place in Abuja. The theme of the panel session was "The investors perspective: Assessing the attractiveness of Nigeria's energy sector." Wunti was joined by other industry experts, including Roger Brown, the Chief Executive Officer of Seplat; Elohor Aiboni, the Managing Director of Shell Nigeria Exploration and Production Company Ltd; Emeka Okwuosa, the Chief Executive Officer of Oilserve Limited; and Olumide Ofunfowora, the Founding Partner of Argentil Capital Partners.
The panel discussion focused on several key topics related to investing in Nigeria's energy market. These topics included identifying the existing barriers to investment and exploring ways to enhance investor confidence. The discussion also delved into the fiscal policies necessary to attract investments in the country's energy sector beyond hydrocarbons. Additionally, the panel addressed the essential factors needed to attract investments specifically in the upstream sector.
During the panel discussion, the participants also explored funding options for non-associated gas production and analyzed the impact of the Petroleum Industry Act on investors' interest and appetite.
Regarding investment opportunities in the oil and gas sector, Wunti emphasized the importance of expanding local content and enhancing capacity development in the upstream industry. He highlighted recent developments, stating that Total, in collaboration with NNPC, launched a tender for a project that is expected to attract Foreign Direct Investment. Furthermore, SNEPCO is on the verge of making a Final Investment Decision on the Bonga project, which is projected to generate an investment of approximately $4 billion. Wunti also mentioned the restart of the Preowei project by Total, which is anticipated to result in a $2 billion investment.
"We are making significant progress with the Agbami Gas project, which is attracting substantial investment. When we combine all these projects, we anticipate an investment outlook of around $18 to $20 billion within this year and the next. The opportunities are indeed abundant."
Wunti urged all stakeholders to seize these opportunities and remain proactive, as there are more opportunities in the pipeline. He highlighted the expected increase in drilling activities, demand for line pipes, and consumables necessary for expanding production output.
He emphasized that every additional barrel of production will yield economic and social benefits for the country, as the oil and gas industry plays a central role in Nigeria's economy.
Wunti assured participants that comprehensive security measures are in place across the industry and that efforts are being made to reduce production costs. The focus has shifted towards consolidating gains, increasing production, and driving growth.
He emphasized that these developments present immense opportunities for all stakeholders, leading to job creation, increased business for contractors and suppliers, and benefits that extend beyond the industry to other sectors of the economy.
Wunti encouraged stakeholders in the oil and gas sector to take advantage of President Bola Ahmed Tinubu's agenda, which aims to create a conducive business environment in the country.
Wunti highlighted the ongoing collaboration and discussions between regulators and investors, emphasizing the need to address the existing infrastructure gap. He mentioned that if assistance from the government is required, they would seek it. Wunti expressed gratitude for the favorable business environment under President Tinubu, who is receptive to business initiatives and focused on results rather than lengthy explanations. Wunti proposed a strategy whereby project-specific packages are created instead of project-specific fiscal policies, and these packages can be properly documented.