Verheijen Tasks Oil Operators on Fresh Exploration Investments
She urged operators to present concrete investment proposals, identify government interventions required to unlock projects and demonstrate their capacity to execute them through available capital, technical personnel and credible development plans.
Verheijen gave the charge on Monday in Lagos while delivering the keynote address at the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE).
Speaking on the theme, “Unlocking More Barrels: Driving Reserves Growth through Exploration, Local Capabilities, & Adaptive Technology”, she identified exploration, local capability development and technology adoption as critical to sustaining growth in Nigeria’s upstream petroleum sector.
According to her, Nigeria cannot sustain production growth by relying on existing discoveries and assets, stressing the need to replenish reserves through new exploration, appraisal and development activities.
“A country cannot produce tomorrow what it does not discover, appraise or develop today. Nor can it sustain growth by celebrating the same discoveries for another generation,” she said.
She noted that improved reservoir understanding, infill drilling and enhanced recovery could deliver near-term production gains, but stressed that such interventions must complement rather than replace new exploration.
Addressing operators, Verheijen said, “Bring forward the programmes that replenish your portfolios. Identify the government decisions needed to unlock them. And demonstrate the capital, people and execution plans behind your proposals.”
She also highlighted the importance of reliable geological data, credible exploration programmes and development plans that consider infrastructure and market access from the outset.
The presidential adviser said Nigeria must strengthen its competitiveness as investors increasingly consider opportunities in other emerging oil-producing countries, including Guyana and other African destinations.
She attributed recent investment decisions in the country’s oil and gas sector to reforms introduced under President Bola Tinubu, citing the Ubeta and Bonga North projects, which reached final investment decisions in 2024, and the IMA gas field, which reached the milestone in September 2026.
Verheijen said the IMA project, discovered in 1973, illustrated how weaknesses in the investment environment had delayed the development of Nigeria’s hydrocarbon resources for decades.
She identified uncertain responsibilities, slow contracting, uncompetitive economics and unreliable access to paying customers as some of the obstacles that previously discouraged investments.
She added that the government had introduced fiscal and commercial reforms to improve the investment proposition and encourage operators to advance projects.
Verheijen further called for stronger Nigerian participation in the upstream sector, noting that local independent companies could drive growth in onshore and shallow-water operations while international companies concentrate on deepwater and integrated gas developments.
She, however, stressed that local ownership must be supported by sound governance, strong balance sheets, technical competence and commitments to workers, host communities and environmental responsibility.
On technology, she encouraged operators to deploy artificial intelligence, improved seismic interpretation, reservoir modelling and digital monitoring to reduce costs, improve recovery and enhance operational safety.
She said the government’s broader objective was to ensure that increased oil and gas production translated into industrialisation, job creation and improved economic productivity.
