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Energy Coalition Declares Tinubu Key To Nigeria’s Deepwater Future
According to Nivo News, a coalition of civil society organizations under the umbrella of the Alliance for Energy Stability and Economic Growth (AESEG) has called on Nigerians to back President Bola Tinubu’s 2027 re-election, stressing that only continuity in leadership can sustain the confidence of international oil companies (IOCs) in Nigeria’s energy sector.....KINDLY READ THE FULL STORY HERE▶
AESEG President, Dr. Suleiman Garba Danladi, said recent developments in the oil and gas industry demonstrate renewed trust in Nigeria’s regulatory framework under Tinubu’s administration. He pointed to the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) approval of the acquisition of TotalEnergies’ 12.5 per cent stake in Oil Mining Lease (OML) 118 by Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian Agip Exploration Limited (NAE). The $510 million deal saw Shell acquire 10 per cent of the asset, while Agip took 2.5 per cent.
Dr. Danladi explained that the approval, issued under the Petroleum Industry Act (PIA) 2021, followed a rigorous due diligence process confirming the firms’ financial capacity, technical competence, and managerial strength to sustain operations in the Bonga deepwater field. He emphasized that these transactions not only reshape Nigeria’s energy landscape but also strengthen the nation’s economy.
The coalition highlighted that under Tinubu’s leadership, regulatory agencies have shown firmer resolve in enforcing accountability. It recalled the recent revocation of an $860 million deal involving TotalEnergies and Chappal Energies for non-compliance, describing it as proof of the government’s determination to prioritize credible investors over speculative players.
AESEG maintained that the Bonga oilfield, Nigeria’s first deepwater project, remains crucial to crude oil production and foreign exchange earnings. It argued that experienced operators in such assets would ensure stability and help Nigeria gradually move back toward producing 2 million barrels per day.
The group warned that reversing the current reforms could undermine investor confidence. Dr. Danladi stressed that IOCs are closely monitoring Nigeria’s policy direction and value the predictability that Tinubu’s administration has brought. He added that sustaining this trajectory requires political stability and continuity in 2027.
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