NEITI applauds $6b FDI in Deepwater, gas projects

The Nigeria Extractive Industries Transparency Initiative (NEITI) has hailed the influx of over $6 billion in Foreign Direct Investments (FDI) into Nigeria’s deepwater and gas projects, describing it as a major boost to the country’s energy sector.

Among the key investments are the Ubeta Gas Project, a $550 million investment projected to deliver 350 million scf/day by 2027; the $5 billion Bonga North Deepwater Project which will unlock 300 million barrels of reserves and adding 110,000 barrels/day production capacity and TotalEnergies’ $510 million divestment of a 12.5 per cent stake in OML 118 to Shell.

NEITI’s Executive Secretary/CEO, Orji Ogbonnaya Orji, gave the commendation during a courtesy visit to NNPC Ltd’s Group CEO, Bayo Ojulari, in Abuja. He noted that recent reforms by President Bola Tinubu’s administration—many spearheaded by NNPC Ltd—had reversed over 15 years of stagnation in oil and gas investments.

He cited landmark transactions such as Oando Plc’s $783 million acquisition of NAOC from Eni (August 2024), Seplat Energy’s $1.2 billion purchase of ExxonMobil’s MPNU (December 2024), and the Renaissance Consortium’s $2.4 billion acquisition of Shell Petroleum Development Company (March 2025). According to him, these deals underscore a shift towards greater indigenous ownership, with Nigerian companies now controlling over 50per ecent of oil and gas production.

“This trend strengthens domestic resource mobilisation, curbs capital flight, creates jobs, and reinforces national pride and sovereignty,” Ogbonnaya Orji said.

He further applauded the Federal Government’s initiatives on the Compressed Natural Gas (CNG) Programme and the AKK Gas Pipeline Project, describing them as vital to energy security and employment generation.

Ogbonnaya Orji urged NNPC Ltd to sustain transparency, accountability, and efficiency while deepening collaboration with NEITI. He emphasized that Nigeria’s oil and gas gains could only be consolidated in a stable, competitive, and transparent operating environment.

“Together with civil society, industry, and government, we can consolidate indigenous leadership of Nigeria’s oil and gas sector while creating an enabling environment for global investors,” he said.

NEITI also pressed NNPC Ltd to restore critical disclosures—including audited financials, production data, and revenue reports—that have become irregular in recent years. Ogbonnaya Orji stressed that timely publication of such data was essential to Nigeria’s reputation as a global transparency leader, especially ahead of the country’s next EITI Validation.

To strengthen compliance, NEITI recommended the establishment of a dedicated EITI/NEITI Desk within NNPC Ltd, led by a senior officer with direct access to the Group CEO.

“NNPC must stand as a model of corporate governance—competing shoulder-to-shoulder with Saudi Aramco, QatarEnergy, and Petronas,” Ogbonnay Orji said. “Individuals will come and go, but NNPC Limited must endure as a global energy giant.” he added.