Scores of investment opportunities in Nigeria’s oil and gas sector were key highlights from participating energy firms at the just concluded Nigerian Oil and Gas Opportunity Fair in Bayelsa state.
Themed: ‘’Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development,’’ the fair attracted major international oil and gas companies as well as indigenous companies operating in the industry.
Hosted by the Nigerian Content Development and Monitoring Board (NCDMB), the event demonstrated capabilities built by local companies over time and investment outlay by those that successfully acquired divested assets from the Major oil companies.
Their commitment towards enhancing productivity in the industry way the high point of remarks by the Executive Secretary of the Board, Mr. Omatsola Ogbe.
Ogbe, described that the divestment of onshore assets by the International Oil Companies (IOCs ) to indigenous companies as a bold step and strategic shift towards deeper local participation and value retention.
The Board therefore urged local companies to invest heavily in the industry to take advantage of the divestment to increase their output and deepen their competitiveness.
He said already Nigeria’s local content in the oil and gas industry has reached 56 per cent, a significant rise from 5 per cent in 2010.
Ogbe, stated this in his remarks at the opening of the fifth Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenagoa.
He used the opportunity to congratulate Renaissance, Seplat, Oando and all other indigenous companies on their milestone achievements, adding “We must sustain the momentum, and come together to support this local content stride in terms of procurement, capacity building, knowledge transfer, job creation and mentorship for upcoming investors.
“With opportunities like UBETA, Bonga North, Zabazaba coming onstream, great opportunities are provided for Nigerian companies to further demonstrate their capacity. I encourage the IOCs to make conscious effort to engage local companies in line with the provisions of our laws.”
Ogbe, while highlighting this milestone as a direct result of strategic policies implemented since the Nigerian Oil and Gas Industry Content Development (NOGICD) Act came into effect 15 years ago, said Nigerian companies are now actively delivering major projects across fabrication, refining, and marine sectors.
The Board also announced plans to clamp down on uncertified engineers operating in the sector, emphasising the need for professionalism and compliance with standards.
According to him, the move is part of broader efforts to strengthen human capital development and ensure that industry growth is underpinned by skilled local talent.
Ogbe emphasised that Nigeria must not only retain more value within the country but also build a globally competitive oil and gas industry. He called for deeper participation of indigenous firms across upstream, midstream, and downstream operations, especially as international oil companies continue to divest from onshore assets.
He disclosed that the NCDMB is also working to increase funding support for local firms.
In line with its commitment to innovation, he noted that NCDMB is promoting initiatives such as the NOGTECH Hackathon and encouraging stakeholders to provide early visibility into upcoming projects.
The goal, Ogbe said, is to ensure Nigerian companies are better prepared to participate and deliver.
The fair, themed “Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development,” brings together government officials, industry leaders, and investors to discuss strategies for long-term sector growth.
Highlighting Nigeria’s Expectations
At the event, Nigeria’s oil and gas junior ministers expressed confidence that with huge opportunities presented by the industry, the next step is greater cooperation among operating companies.
For instance, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said that the Nigerian Oil and Gas Opportunities Fair (NOGOF) has created superlative and unmatched opportunities for operating oil and gas companies in Nigeria.
According to him, event is more than just a trade fair but a national platform designed to foster catalytic and measurable progress.
“The opportunities being showcased here are not theoretical—they are real, verifiable, and actionable.
“We are unveiling multi-billion-dollar investment opportunities across the upstream, midstream, and downstream value chains—including crude oil processing, marginal field development, refining, construction, logistics, and more—all anchored in local content,”.
He also, reaffirmed the Federal Government’s commitment to leveraging local content as a strategic tool for industrialization, innovation, and inclusive economic growth in Nigeria.
The Minister stated that the Nigerian Content Development and Monitoring Board (NCDMB), has transitioned from enforcing compliance to driving real impact.
He said, “I am proud of how the NCDMB has evolved—from fostering compliance to becoming a force for industrialization, innovation, and enterprise development.
“We have moved beyond setting targets to delivering real impact,” Lokpobiri said.
According to him, indigenous companies are now building Floating Production Storage and Offloading (FPSO) units, managing key industry assets, and setting service standards that meet and exceed global benchmarks.
“This is the Nigeria we envisioned—one that sets global standards and becomes a reference point for other nations,” he stated.
Lokpobiri further stated that the Nigerian Content Intervention Fund, managed by the Bank of Industry (BoI), and disbursed at single-digit interest loans to local companies, has served as a critical growth lifeline.
“The fund has helped indigenous businesses scale operations and delivers value across the sector for the betterment of all of us,” he noted.
He also lauded Project 100+, an initiative between the Ministry of Petroleum Resources and the NCDMB, which has supported 100 indigenous companies with the aim of grooming them into global champions.
“These are not just regional players. They are being prepared to compete on the global stage,” he added.
Speaking on the theme of the event, “Driving Investment & Production Growth: Shaping a Sustainable Future for Nigeria’s Oil & Gas Industry Through Indigenous Capacity Development”, the Minister stated that the event is more than just a trade fair, describing it as a national platform designed to foster catalytic and measurable progress.
“The opportunities being showcased here are not theoretical—they are real, verifiable, and actionable.
“We are unveiling multi-billion-dollar investment opportunities across the upstream, midstream, and downstream value chains—including crude oil processing, marginal field development, refining, construction, logistics, and more—all anchored in local content,” Lokpobiri stated.
Lokpobiri, challenged financiers, exploration and production companies, and contractors to move beyond conversations.
“Use this moment to initiate commitments, spark concrete partnerships, sign meaningful MoUs, and take definitive investment decisions that will shape Nigeria’s oil and gas narrative for decades to come,” he urged.
In a strong message to Nigerian youth and local entrepreneurs, the Minister said, “You are not just the future—you are already in the driver’s seat. What you do today will determine the results we reap tomorrow.”
Lokpobiri therefore assured that the Ministry and NCDMB are actively running training programmes, mentorship initiatives, and funding schemes aimed at equipping young Nigerians with the skills and access needed to lead innovation in the energy sector.
“Whether you’re a startup, a young engineer seeking employment, or a local consultant—there is a place for you in Nigeria’s oil and gas ecosystem,” he added.
Minister said, “The time for excuses is over. The time for serious, collective decision-making is now.
“Under President Tinubu’s leadership, the oil and gas sector is being repositioned as a platform for national security, economic growth, justice, and intergenerational wealth creation.”
He stressed that achieving this transformation would require unity of purpose, confidence in national capabilities, and an unwavering commitment to growth.
“Let NOGOF 2025 be remembered as the turning point for transformative growth—especially in forging strategic partnerships. By the time we gather for NOGOF 2026, we should not just be talking about potential—we must be reviewing concrete milestones we’ve achieved,” he said.
In a passionate pan-African appeal to industry stakeholders and local players, the Minister declared, “The oil and gas sector will determine whether Nigeria succeeds as a nation.
“If Nigerian content fails, Africa fails. What Nigeria cannot do, Africa cannot do.
“When we talk about African local content, we must be referring to Nigerian local content. We must lead by design.”
“We cannot afford to fail. If Nigerian Content fails, the entire continent fails with it,” Lokpobiri concluded
On his part, the Minister of State for Petroleum (Gas), Ekperikpe Ekpo, urged oil companies operating in the country to collaborate to increase oil output as the Country has not been able to pump to its OPEC quota for years.
Ekpo, notes that Nigeria’s crude oil production averaged 1.4 million barrels per day (bpd) in the first quarter of the year, well below the 1.8 million bpd quota in OPEC.
Equally speaking in that direction, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), noted that
“Production growth hinges on optimising our existing resources and exploring new frontiers,”.
Oil theft and pipeline vandalism have long plagued Nigeria’s upstream oil and gas industry, driving majors out of the biggest OPEC producer in Africa and often resulting in force majeure at the key crude oil export terminals.
Nigeria, has consistently failed to pump to its OPEC+ quota due to oil theft and vandalism and struggles to launch new projects.
Meanwhile, authorities have been clamping down on oil theft and have been supportive of an increase in oil and gas output in recent months.
The NUPRC said earlier this month that U.S. supermajor ExxonMobil plans to invest as much $1.5 billion in deepwater oil and gas exploration and development offshore Nigeria.
The government’s call on Nigeria to boost oil production comes just as reports emerge that the OPEC+ producers that are withholding supply are discussing another large hike in output for July.
Another 411,000-bpd production hike is among the options that the OPEC+ member countries are discussing for the July production, unnamed delegates from the group told Bloomberg.
The OPEC+ has already announced two consecutive production increases for May and June, each of 411,000 barrels per day, triple the volume the group had previously planned.
Renaissance Energy’s $15 Billion Investment Plan
At the event, Renaissance Africa Energy Company Limited, announced its plan to expand operations in the country highlighting eight year development plan.
The development plan will be funded with $15 billion projection and will concentrate on oil fields located onshore and in shallow waters in the Niger Delta region.
Renaissance Africa, a consortium of indigenous oil firms, recently acquired assets hitherto held by Shell Petroleum Development Company, following divestment by Shell UK from onshore operations in the Niger Delta.
Tony Attah, the managing director of Renaissance Africa Energy Company Limited, represented by Greg Akhibi, general manager of supply chain, At the fair, explained that the investment was targeted predominantly to improve the participation of indigenous oil firms in the onshore and shallow-water oil block operations.
According to him, the $15 billion would be spent on 32 projects in the development of domestic gas, export gas and more crude oil production to balance the predominantly gas portfolio template hitherto operated by SPDC. “We acquired a total of 112,000 square kilometres of acreage of assets and we intend to pursue projects that will balance the assets which were tilted more to gas. We are focusing on four project areas to increase oil production and there are upcoming activities in drilling, rigs, pipelines and fabrication businesses. We are also looking at 22 projects to increase export in gas production.
“Currently our gas production is at 150 million standard cubic feet of gas per day (MMSCF/D) and we project to hit 300 MMSCF/D with the anticipated increased off-take from the AKK gas pipeline expected to further increase domestic gas utilisation,” Mr Akhibi said. According to him, Renaissance Africa remains committed to partnerships with the NCDMB and Nigerian companies in the oil and gas sector to produce energy for Nigeria and the rest of the African continent.
Shell Speaks On Ongoing Development Plan
At the event, the Shell Nigeria Exploration and Production Company Ltd (SNEPCo) says Nigerian companies have a lot to benefit if they are prepared to take advantage of more opportunities in its offshore and shallow water oil and gas projects.
SNEPCo MD, Ronald Adams said projects such as Bonga Southwest Aparo, Bonga North and Bonga Main Life extension could grow Nigerian businesses and improve their expertise if they applied themselves seriously to executing higher value contracts.
“SNEPCo pioneered Nigeria’s deepwater frontier with the Bonga development as the first deepwater oilfield exploration and production venture in the country,” “Our operations have greatly benefitted Nigerian businesses, and we expect them to get ready to take up more opportunities.” Adams said.
Adams said Nigerian companies could upscale their skills and continue to offer services in logistics, drilling, fabrication and construction of subsea manifolds, mooring and loading systems, pressure vessels and provision of gas processing equipment in deep-water, as well as procurement and civil works in shallow water.
Since starting production at Bonga in 2005, SNEPCo has been supporting Nigerian contractors and service providers to grow their capacity through the development of systems and a competent workforce with the aim to deliver projects safely, on time and within budget not only in Nigeria but also in the West Arican subregion.
The efforts have enabled Nigerian companies to play prominent roles in the safe and efficient operations of the Bonga Floating, Production, Storage and Offloading (FPSO) vessel which produced the 1-billionth barrel of oil from the field on February 3, 2023.
Adams added: “SNEPCo sees Nigerian content development as a business driver and not a regulatory requirement and will continue to support our companies to lay even bigger roles in their support for oil and gas operations.”
The three-day NOGOF is being hosted by the Nigerian Content Development and Monitoring Board (NCDMB) with the theme: “Driving Investment and Production Growth: Shaping a Sustainable Future for Nigeria’s Oil and Gas Industry Through Indigenous Capacity Development.”
SNEPCo is among the sponsors of the event, and is hosting an exhibition, highlighting its contributions to the development of the Nigerian economy and communities.
Present Administrations Milestones
Under the current administration, Nigeria has achieved major milestones in the energy sector, including securing three of Africa’s four Final Investment Decisions (FIDs) valued at over $5.5 billion and commencing petroleum production at Africa’s largest refinery – the Dangote Refinery.
Nigeria’s energy reforms and growing capacity are not only booting national development but also strengthening regional energy security, supporting intra-African trade and laying the groundwork for sustainable job creation and economic diversification.
As one of Africa’s biggest oil and gas producers, Nigeria seeks to incentivize greater spending across the hydrocarbon industry.
Energy major ExxonMobil recently announced it will invest $1.5 billion in revitalizing its Usan deepwater oilfield on offshore block OML 138 in Nigeria, with FID expected by Q3, 2025.
The investment, spanning 2025 to 2027, aligns with Nigeria’s production target of 2.5 million barrels per day by year-end and falls under the Nigerian Upstream Petroleum Regulatory Commission’s Project 1 Million Barrels initiative. Meanwhile, in 2024, the country’s energy sector attracted $6.7 billion in investments in 2024, with $5.5 billion directed toward oil and gas asset acquisitions – including major deals by Seplat, Chappal Energies and Oando – and an additional $1.1 billion allocated to the Presidential Metering Initiative and clean energy programs.
The government also secured landmark investments such as Shell subsidiary SNEPCo’s $5 billion Conga North project and a $550 million non-associated gas project by TotalEnergies and the Nigerian National Petroleum Company. These developments, driven by strategic reforms and tax incentives, underscore Nigeria’s ambition to unlock $30 billion in oil and $5 billion in gas investments by 2029, positioning the country as a key driver of Africa’s energy transition and industrial growth.
In the downstream sector, the UAE recently joined a group of international financiers backing the estimated $25-billion Nigeria-Morocco gas pipeline project, which aims to transport natural gas from Nigeria to Europe via 5,660-km route crossing 15 African countries.
With support from partners including the European Investment Bank, Islamic Development Bank and OPEC Fund, and a new joint venture formed between Morocco and Nigeria to manage the project, the initiative marks a major milestone in African energy infrastructure.
As the country continues to attract substantial investments, it stands ready to bolster production capacity and exports. At AEW: Invest in African Energies 2025, insights from Verheijen will prove valuable, supporting decision-making by major oil and gas players.
“Nigeria’s bold reforms, rising investment flows and growing leadership in regional energy cooperation – particularly with landmark projects like the Nigeria-Morocco gas pipeline – demonstrate its pivotal role in Africa’s energy future.
The country’s recent achievements and future vision inspire collaboration and deal-making, thereby accelerating the continent’s path to energy security and industrialization.
