International Finance
Oil & Gas

Aramco, Adnoc plan investments in Nigeria’s oil and gas sector

Aramco Nigeria investments
The companies are also exploring opportunities to supply gasoline to West Africa through Nigeria

State-owned oil giants Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) are planning investments in Nigeria’s oil and gas sector, according to media reports.  The companies are also exploring opportunities to supply gasoline to West Africa through Nigeria. 

Mele Kyari, head of the Nigerian National Petroleum Corporation (NNPC) told the media that both companies’ investments will cover Nigeria’s upstream, midstream, and downstream sectors.

According to S&P Global, Adnoc and NNPC will meet this week to discuss investment opportunities across upstream, midstream and downstream sectors in the country. However, the midstream opportunities could also include greenfield projects. 

Aramco is in talks with NNPC to supply gasoline to West Africa—and make investments in Nigeria’s energy sector. Kyari said that Aramco is “quite keen on getting the opportunity to supply gasoline to West Africa and we will provide them with the right platform.” 

Both parties will hold discussions in October during an investment conference in the Kingdom of Saudi Arabia. NNPC is the largest importer of gasoline in West Africa.  

Nigeria’s state oil corporations are seeking more investments, particularly in the midstream sector such as pipelines and refining. The country has outlined a target to pump as much as 4 million barrels per day over a period of six years. Analysts believe that the target is too ambitious to achieve. 

Earlier this year, Nigeria and the Kingdom of Saudi Arabia’s oil and energy minister met to discuss the potential opportunities for development in the oil sector. Also, Saudi Aramco’s presence in Sub-Saharan Africa will benefit its global investments. 

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