NOG Energy Week secures $4.5bn investment deals across Africa...

The 25th edition of NOG Energy Week 2026 attracted investment commitments exceeding $4.5 billion, reinforcing the conference’s position as one of Africa’s leading platforms for driving energy investment and closing major commercial transactions across the oil, gas and broader energy value chain.

Organisers said the investment agreements, concluded during the week-long conference themed “Forging Africa’s Strategic Energy Growth through Global Collaboration,” reflected rising investor confidence in Nigeria’s energy sector and Africa’s evolving energy transition agenda.

According to the organisers, gas and liquefied natural gas (LNG) projects accounted for about 39 per cent of the total investment commitments, while upstream projects represented 31 per cent. Midstream investments attracted 16 per cent, engineering and technology projects accounted for 10 per cent, while downstream investments made up the remaining four per cent, highlighting investors’ growing preference for natural gas as the foundation of Africa’s energy transition.

Among the major agreements signed was a 15-year Gas Sale and Purchase Agreement between the NNPC Limited/Seplat Energy Joint Venture and UTM FLNG Limited for the supply of 200 million standard cubic feet of gas per day. The agreement is expected to advance Nigeria’s first floating liquefied natural gas project towards a Final Investment Decision planned for the fourth quarter of 2026.

Also announced was a $1 billion investment by Esso Exploration and Production Nigeria Limited, an affiliate of ExxonMobil, alongside Chevron, TotalEnergies and Nexen, for the Usan Infill Project. The deepwater development is projected to increase Nigeria’s crude oil production by about 40,000 barrels per day and marks ExxonMobil’s first major drilling campaign in Nigeria since 2016.

During the conference, NNPC Limited also executed a Memorandum of Understanding and a Gas Sale and Aggregation Agreement with Ajaokuta Steel Company Limited, alongside Network Entry Agreements involving Chevron Nigeria Limited, AGPC and NNPC Exploration and Production Limited, aimed at expanding domestic gas utilisation and supporting industrial development.

Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, described the agreements as strategic milestones that extend beyond commercial transactions, saying they would accelerate industrialisation and unlock long-term economic value. He added that collaboration, investment and innovation remain critical to unlocking Africa’s energy potential and improving sustainable energy access.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, commended the organisers for building a platform that has shaped Nigeria’s energy industry over the past 25 years, while the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, reaffirmed that natural gas remains the bridge between energy security and sustainability across the continent.

Portfolio and Country Director of dmg Nigeria Events, Wemimo Oyelana, said the conference was designed to transform investment discussions into bankable projects, noting that the agreements signed would generate fresh capital inflows, create employment opportunities and strengthen energy security across Nigeria and Africa.

Since its inception, NOG Energy Week has evolved into a major commercial platform bringing together governments, regulators, international oil companies, indigenous operators, financiers, technology providers and investors. Organisers said the record $4.5 billion in investment commitments recorded this year demonstrates growing confidence in Africa’s energy sector and signals a shift from investment discussions to the execution of commercially viable energy projects.