The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged global investors to explore the vast opportunities in Nigeria’s oil and gas sector, citing robust regulatory reforms and investment-friendly policies that have transformed the country into an attractive investment hub.
The Executive Vice President, Upstream, NNPC Ltd, Mr. Udy Ntia, made this call on Tuesday during a session at the 2025 CERAWeek by S&P Global in Houston, Texas, United States. Speaking on the theme “Spotlight: Attracting Investment for Oil and Gas,” Ntia emphasized that Nigeria is well-positioned as a stable and secure investment destination, especially as global energy demand rises due to geopolitical tensions and shifting policies.
“For us in Nigeria, despite global energy security concerns, we see significant opportunities. We have strategically positioned our assets to leverage the current strong price environment, which has remained favorable over the past two to three years. As a result, we anticipate substantial investment inflows into the sector,” he said.
Ntia highlighted key investment areas, including refining and the gas sub-sector. He noted that Nigeria is expanding its refining capacity to reduce dependency on fuel imports while harnessing its 207 trillion cubic feet (TCF) of gas reserves to drive industrialization and economic growth.
“Gas will play a critical role in Nigeria’s energy future. We are expanding our gas infrastructure in collaboration with partners such as Shell, ENI, and Total. Our LNG Train 7 project is progressing well, and we are investing in domestic pipeline networks to meet local energy demands,” he added.
He also pointed to the Petroleum Industry Act (PIA) 2021 and a series of Executive Orders signed by President Bola Ahmed Tinubu in 2023, which have created a more attractive regulatory framework for investors. According to Ntia, these reforms led to $16 billion to $17 billion in foreign investment inflows in 2024.
Ntia particularly encouraged investors from China and India to take advantage of Nigeria’s 37 billion barrels of crude oil reserves and its flexible investment models, including joint ventures and production-sharing contracts.
“Nigeria offers a stable democracy, improved security, and a business-friendly regulatory framework. We welcome investors from China, India, and beyond to partner with us in unlocking the vast potential of Nigeria’s oil and gas sector,” he stated.
The session featured key global energy leaders, including Pinxian Zhang, Deputy Director-General, Planning, China National Petroleum Corporation (CNPC); Rajarshi Gupta, Managing Director of ONGC Videsh Ltd (OVL); and Masoud Mahmoud, Chairman of Libya’s National Oil Corporation.
CERAWeek is one of the world’s largest energy conferences, bringing together top global energy industry experts, corporate executives, and government leaders for a week-long discussion on the future of energy.
