The leaders spoke on Tuesday in Lagos during a panel session at the ongoing Society of Petroleum Engineers conference.
Nigeria’s oil and gas leaders have identified policy stability, investment incentives and stronger local content implementation as key drivers of renewed industry growth.
The panel, titled “Policy in Practice: Aligning Fiscal Strategy, Foreign Investment and Local Content for Sustainable Growth in Nigeria”, examined industry reforms and investment prospects.
Executives from Chevron Nigeria, TotalEnergies, NNPC Engineering and Technical Company (NETCO) and Heirs Energies said recent reforms have created fresh opportunities.
They, however, stressed that sustained growth would depend on stronger indigenous participation, capacity development and industry collaboration.
Olusoga Oduselu, general manager, Policy, Government and Public Affairs, Chevron Nigeria, described sound policies as critical to industry advancement.
“Sound policy frameworks are the foundation upon which engineering, production and technological advancement thrive,” he said.
Mr Oduselu said Chevron had promoted local content development for more than six decades before Nigeria enacted its local content legislation.
He said the company’s goal had always been to grow investments while strengthening Nigeria’s industrial and engineering capabilities.
He said local content should be viewed as a strategy for building globally competitive Nigerian companies rather than mere domestication.
Mr Oduselu cited the Sonam Project, in which Chevron partnered with NigerDock and Hyundai Heavy Industries to execute fabrication and integration activities in Nigeria.
He said Nigerian engineering firms also participated in detailed engineering work on the project.
He also highlighted the Agbami project, where Chevron supported indigenous firms, including Marine Platforms, through financing and technical partnerships.
He noted that many firms nurtured by Chevron now execute major projects and provide services across the industry.
“Developing local capacity is a journey. It comes with costs, but many companies we supported now deliver projects across the industry,” Mr Oduselu said.
Victor Bamidele, deputy managing director, Deepwater District, TotalEnergies, said reforms had ushered in a new investment phase for Nigeria’s energy sector.
He noted that improved fiscal incentives had encouraged operators to sanction major gas and deepwater investments after years of inactivity.
Mr Bamidele said TotalEnergies approved the Ubeta project in 2024, describing it as one of the country’s strongest local content projects.
He said production from the project was expected to commence next year.
According to him, the company is also nearing a Final Investment Decision on the Ima project, with first oil targeted for 2028.
Mr Bamidele said TotalEnergies was advancing the Preowei project and resuming exploration activities.
He disclosed that one exploration well would be drilled this year, while two additional deepwater wells were planned for 2027.
“There is no way to develop these projects without local participation profitably.
“The quality that Nigerian companies bring will determine the profitability of many of these projects,” he said.
NETCO Managing Director, Salahuddeen Tahir, described the industry’s outlook as one of the most promising in recent years.
He attributed the momentum largely to presidential executive orders introduced in February 2024.
Mr Tahir said NETCO had promoted Nigerian content for nearly four decades and urged indigenous firms to strengthen capacity and financing.
He stressed the importance of adopting technology and collaborating among local engineering companies.
According to him, no single company may possess sufficient capacity to execute the expected volume of projects.
He urged local firms to establish strategic partnerships capable of delivering projects efficiently and boosting investor confidence.
