• Shell, Renaissance, Total, Chevron to execute 43 deep, shallow water projects 
• Bayelsa demands more oil resources, seeks review of PIA

Nigeria may wait for the next five years for increased oil production despite the rollout of $22 billion worth of new oil and gas projects by major industry players, including Shell, TotalEnergies, Chevron and Renaissance Africa Energy.
 
At the 2025 Nigerian Oil and Gas Opportunity Fair (NOGOF) organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa State, industry stakeholders unveiled plans for 43 deep water and shallow water projects, but the projections of most of the players show that the 2.06 million barrels per day (bpd) planned for the 2025 budget might remain a mirage in the dwindling oil prices.
 
Almost five months into the year, Nigeria’s oil production remained at about 1.5 million bpd, falling short of the budget benchmark as well as Organisation of Petroleum Exporting Countries (OPEC) quotas for the country.  
 
While the new projects signal robust investment interest, translating the capital expenditure into sustainable production may be more gradual and between now and 2030. Within this period, Renaissance Africa Energy, represented by Gregory Akhibi on behalf of Chief Executive Officer, Tony Attah, is expected to invest around $15 billion in four oil projects across onshore and shallow water assets. The company is also planning 22 export gas and six domestic gas projects, making it a likely key player in the medium term.
 
Chevron is executing the Agbami turnaround maintenance and Panther Two in-fill development drilling, described as a 100 per cent local opportunity. Other ongoing efforts include the Warri-Escravos project, an Agbami in-fill drilling Programme One, a mooring system upgrade on the Agbami FPSO, and Project Panther One, which is about 80 per cent completed and aims to support gas supply from 27 wells.
 
Also nearing completion is a 32-kilometre onshore flowline installation, reported to be 80 per cent done, alongside another 5.3-kilometre segment.
TotalEnergies is developing the $550 million Ubeta gas project under Nigeria’s Significant Gas Development Initiative. Other key undertakings include the IMA project, which seeks to boost Liquefied Natural Gas (LNG) capacity, and the Ntokon development.
 
Shell is focusing on deep water with projects like Bonga South-West Aparo (BSWA), Bonga North and Bonga Main Life Extension. These projects, estimated at over $5 billion between now and 2030, are in addition to a shallow water segment. The move would see the company evaluate a new joint venture targeting drilling and well interventions for five oil and five gas wells.

The Minister of State for Petroleum Resources (Gas), Ekperikpo Ekpo, at the event, called on stakeholders in the oil and gas industry to collaborate in order to meet the OPEC quota.  
 
Ekpo emphasised the importance of joint industry efforts under the theme ‘Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development’. He noted that Nigeria’s crude oil output of 1.4 million bpd in Q1 2025 was below the 1.8 million bpd quota approved by OPEC. However, he expressed optimism that with the country’s oil reserves and the commitment of industry players, the target would be achieved.
 
While Seplat is focusing on three main projects, Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reaffirmed the Federal Government’s commitment to using local content as a catalyst for industrialisation, innovation and inclusive economic growth.

Lokpobiri said attracting investment to revitalise exploration and infrastructure, boosting crude oil production for economic stability, and developing indigenous capacity to ensure Nigerian expertise and innovation drive sectoral growth remained sacrosanct. 
 
He highlighted the shift of NCDMB from compliance enforcement to delivering real impact across the energy value chain, citing the Nigerian Content Intervention Fund (NCIF), managed by the Bank of Industry (BoI), as vital to scaling indigenous businesses through low-interest loans.
 
Meanwhile, NCDMB announced that local content rose to 56 per cent from just five per cent in 2010. The Executive Secretary, Felix Ogbe, attributed the progress to policies under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
 
The board also warned against uncertified engineers operating in the sector, pledging stricter enforcement to enhance professionalism and skills development.
 
At the event, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) raised concerns about the uncertain link between investment and production. 
 
Speaking on behalf of the Chief Executive, Gbenga Komolafe, the Executive Commissioner, John Tonlagha, stressed the need for a stable regulatory environment, infrastructure investment and technical innovation to convert investment into real output.
 
The Bayelsa State government, at the event, demanded a greater share of oil and gas resources, insisting that there was a need to review the Petroleum Industry Act (PIA). The Governor, Douye Diri, who was represented by his deputy, Lawrence Ewhrudjakpo, said the fallout of the host community regulations of the PIA was impacting the state. 
 
Citing adverse effects of its implementation on local communities and the state’s finances, Diri expressed concern that the host community provisions of the PIA inadvertently armed communities against one another. 
 
According to him, while the law channels funds directly to host communities, it fails to adequately account for governance challenges and leaves the state government to manage resulting tensions and unmet needs.
 
The governor also urged NCDMB to ensure that oil and gas companies deepen investment in human capital development. He criticised the prevailing model where locals receive only temporary training during project execution, stating that “such short-term measures do not contribute meaningfully to long-term growth or sustainability.”
 
Diri equally challenged NLNG to site part of its Train Seven development project in Bayelsa, arguing that the gas resources fuelling the expansion are derived from the state.