Nigeria’s oil and gas industry leaders have identified policy stability, investment incentives and stronger local content implementation as key to sustaining growth in the sector. They spoke on Tuesday during a panel session at the ongoing Society of Petroleum Engineers (SPE) conference in Lagos.
Executives from Chevron Nigeria, TotalEnergies, NNPC Engineering and Technical Company (NETCO) and Heirs Energies said recent reforms had created fresh investment opportunities. They stressed that sustained progress would require stronger indigenous participation, technology development, financing and collaboration among industry players.
Chevron’s General Manager, Policy, Government and Public Affairs, Olusoga Oduselu, said local content should go beyond domestication to building globally competitive Nigerian companies. TotalEnergies Deputy Managing Director, Victor Bamidele, said improved fiscal incentives had encouraged new gas and deepwater investments, while NETCO Managing Director Salahuddeen Tahir urged local firms to strengthen capacity and form strategic partnerships.
Heirs Energies Managing Director Osa Igiehon said indigenous operators now account for more than 60 per cent of Nigeria’s oil production, compared with about 20 to 30 per cent before the COVID-19 pandemic. He called for greater access to financing, consolidation among indigenous service companies and increased manufacturing capacity to support Nigeria’s ambition of raising crude production to three million barrels per day by 2030.
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