Business
FG Dangles Oil Blocs Carrot Before Spanish Investors
The Nigerian government has moved to entice some Spanish investors with the opportunities in the2022 deep offshore mini-bid round.
Minister of State for Petroleum Resources, Timipre Sylva, dangled the carrot in Abuja on Thursday, at a meeting with the Minister of Foreign Affairs of Spain, Jose Albares.
Albares led a large delegation of key investors from Spain to the meeting, where Sylva also expressed the desire for Spain to support Nigeria with security in the oil and gas sector.
The meeting also had senior officials of the Federal Ministry of Petroleum Resources, as well as chief executives of the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, and Nigerian Midstream and Downstream Petroleum Regulatory Authority, in attendance.
The NUPRC had on Wednesday announced the commencement of the 2022 deep offshore mini-bid round, as it promised that the bid process would be competitive and transparent.
Sylva said, “As a country, we need all the investments we require. The oil and gas sector is at the core of our economy, and coming to the country with all these array of investors, it is a major investment opportunity for Nigeria.
“For the (Spanish) minister to come with these array of potential investors, then I’m sure that we have (the) potential of having a lot of investments coming into Nigeria from now.
“The NUPRC has already pitched, they are already in the process of having a bid round.
“And with these number of potential investors on the table, who are people that they (NUPRC) ordinarily would have to meet in their country. Usually, before any bid round, you will have a road show.”
Sylva noted that there was a clamour from some sources to move so quickly to renewables, but stated that as a country, Nigeria felt that it was going to move on the transition train with the instrumentality of gas.
“The rest of the world have also come to see that there is a need for us to tarry a while with gas. So it is mutual on the part of both countries for us to develop the gas resources that we have,” he stated.
On Security, he expressed a strong desire that Spain would be supporting Nigeria with technology to protect to oil and gas sector.
Sylva said, “We have also had discussions on strong support that we would require from them in the area of security. The biggest problem today in the oil and gas sector is security and, of course, Spain is in position to also support us in this area.
“So, in the areas of investment and technology we are going to be looking up to Spain. And Spain looks up to us for further supply of gas. We are also developing a pipeline to Morocco and I believe that it is going to settle this issue of gas supply from Nigeria to Europe.”
On his part, Albares pointed out that Nigeria was Spain’s first supplier in petroleum and gas combined, adding that his country was the second trade partner of Nigeria.
Albares said, “I want to commend the reliability and stability of Nigeria as our supplier. You are a trustful partner. I want to thank the minister who has informed me of the evolution and opportunities of this sector here in Nigeria.
“Nigeria has proven once again that it is a friend and trustworthy partner in this very complex setting – the energy market in the world. Now we have worked out some aspects to develop this bilateral relationship on energy and also in all the aspects that I have been dealing with today here in Abuja.”
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
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The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
More than 100 Chinese original equipment manufacturers are being wooed for investment, technology and manufacturing capacity to aid growth in Nigeria’s oil and gas industry.
The Nigerian Content Development and Monitoring Board (NCDMB) made the disclosure through its Director, Project Certification and Authorisation Division and Senior Technical Adviser to the Executive Secretary, Austin Uzoka.
This was detailed in a statement issued by the Board which stated that Uzoka was representing the Executive Secretary, Felix Ogbe, at the 15th China Shale Oil and Gas Summit in Chengdu, China, where he made the disclosure.
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According to Ogbe, the board was seeking to move the relationship between Nigerian oil and gas operators and Chinese manufacturers beyond the conventional buyer-seller model to investment, manufacturing, technology transfer and integration into global supply chains.
He said the Nigerian Oil and Gas Content Development Act (NOGCDA) guaranteed patronage for oil and gas equipment manufacturing facilities established in Nigeria, adding that such investments could also provide access to opportunities across the Gulf of Guinea.
“We are looking beyond the traditional buyer-seller relationship. What can we build together? We want Chinese companies to see Nigeria not simply as a market for their products, but as a strategic investment destination, a platform for manufacturing and technology development, and a gateway to opportunities across the wider African market,” he said.
He highlighted the Nigerian Oil and Gas Park Scheme (NOGPS) as a platform for Chinese original equipment manufacturers to establish manufacturing, assembly and service operations in Nigeria.
He said the scheme would provide opportunities for technology transfer, technical arrangements and the integration of Nigerian businesses into the supply chains of Chinese companies.
The ES also identified China’s capabilities in manufacturing, engineering, technology and energy infrastructure as areas that could support Nigeria’s industrial development.
“China has developed tremendous capabilities in manufacturing, engineering, technology and energy infrastructure. We want to explore how those capabilities can be connected with the opportunities that exist in Nigeria, for mutual benefits,” he added.
Nigeria’s local content policy had evolved from increasing Nigerian participation in oil and gas projects to a broader industrial development agenda focused on manufacturing, technology ownership and global competitiveness, he pointed out.
“Nigeria’s local content journey has evolved significantly since the local content law was enacted in 2010. What began primarily as an effort to increase Nigerian participation in the oil and gas industry has developed into a broader industrial development agenda focused on building capabilities, deepening manufacturing, promoting technology ownership and positioning Nigerian businesses to compete within regional and global markets,” he observed.
The engagement formed part of Nigeria’s participation in the 15th China Shale Oil and Gas Summit, held from September 20 to 23 at the Chengdu Century City International Conference Centre.
The summit, themed ‘Empowering Efficient and Green Development via Intelligent Technologies, Innovating to Lead the Shale Oil and Gas Revolution’, provided a platform for Nigerian oil and gas stakeholders to showcase investment opportunities in manufacturing, technology and oil and gas services.
According to the NCDMB, several Chinese OEMs expressed interest in exploring business relationships with Nigerian companies and participating in the country’s growing oil and gas manufacturing ecosystem.
In her closing remarks, the General Manager, Midstream, PCAD, Ms Lekoma Phimia, urged stakeholders to build on the connections established at the session to develop commercially viable and sustainable business relationships.
The NCDMB also used the exhibition to provide prospective investors and industry players with information on Nigeria’s oil and gas sector, local content opportunities and avenues for establishing operations in the country.
The board said the Chengdu engagement was part of efforts to expand Nigeria’s international industrial connections and advance the objectives of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA).
It added that its focus was to move the local content agenda from participation to capability, manufacturing, and ultimately technology ownership and regional competitiveness.
NIPCO Group has announced plans to develop a Floating Liquefied Natural Gas (FLNG) project in Nigeria, with the proposed development estimated to require more than $3bn in investment.
This statement was made at a press conference on Thursday by the Managing Director of NIPCO Group, Nagendra Verma, who said the proposed project would have an envisaged LNG production capacity of approximately three million tonnes per annum, subject to the outcome of feasibility studies, regulatory approvals and a final investment decision.
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Verma said the project, which would mark NIPCO’s entry into the Liquefied Natural Gas (LNG) sector, was being considered for locations in the Escravos area of Delta State and the Akwa Ibom region.
“This proposed development is envisaged to comprise an FLNG facility along with associated marine and export infrastructure with the potential to serve both the international LNG market and growing domestic LNG demand in Nigeria. The proposed project is presently envisaged to produce LNG unified LNG of approximately 3 million L per annum, 3 million metric tons per annum. The proposed development is expected to represent a significant investment currently estimated in excess of $3bn.
“The final location shall be determined subsequent to the ongoing feasibility study. We are looking at strategic locations that will facilitate access to upstream gas resources, LNG processing, marine transportation and both international and domestic markets,” he said.
According to him, NIPCO had been evaluating the proposed FLNG project for the past six to nine months and was currently undertaking preliminary technical, commercial and feasibility assessments.
“We are considering various development concepts, technology solutions, financing structures and commercial options with a view to establishing a technically robust and commercially sustainable project,” Verma said.
He said the proposed development would comprise an FLNG facility alongside associated marine and export infrastructure, with the potential to serve international LNG markets as well as Nigeria’s growing domestic gas demand.
“The project is presently envisaged to have an LNG production capacity of approximately three million tonnes per annum.
“However, this remains subject to the outcome of the ongoing feasibility and technical studies, project economics, regulatory approvals and final investment decisions,” he said.
Verma said NIPCO was also evaluating the shipping and logistics infrastructure required to support both export and domestic LNG supply.
The Managing Director said the ongoing assessment covers upstream gas supply and reserves, FLNG technology and configuration, LNG production capacity, marine and export infrastructure, domestic LNG supply opportunities, shipping and logistics requirements, project economics and financing structure.
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