$4.5bn investment oil, gas deals sealed at NOG Energy Week

NOG Energy Week 2026 has concluded with energy deals worth more than $4.5 billion, reinforcing its position as one of Africa’s leading investment and partnership platforms for the energy industry.

The 25th anniversary edition, themed ‘Forging Africa’s Strategic Energy Growth Through Global Collaboration,’ brought together government officials, regulators, local and international energy companies, investors, financiers and technology providers. Discussions during the week translated into commercial agreements spanning the oil, gas and energy value chain.

Gas and LNG projects attracted the largest share of investments, accounting for about 39% of the total deal value. Upstream projects followed with 31%, while midstream investments represented 16%.Engineering and technology accounted for 10%, with downstream projects making up the remaining four percent. The distribution underscores investors’ growing focus on gas as a key driver of Africa’s energy transition.

Among the headline agreements was a 15-year Gas Sale and Purchase Agreement signed by the NNPC Limited-Seplat Energy Joint Venture and UTM FLNG Limited to supply 200 million standard cubic feet of gas daily. The agreement is expected to support Nigeria’s first floating LNG project ahead of its planned Final Investment Decision in the fourth quarter of 2026.

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

NNPC Limited also signed several agreements during the event, including a Memorandum of Understanding and a Gas Sale and Aggregation Agreement with Ajaokuta Steel Company Limited, as well as Network Entry Agreements with Chevron Nigeria Limited, AGPC and NNPC Exploration and Production Limited (NEPL).

Speaking at the signing ceremonies, Bashir Bayo Ojulari, the Group Chief Executive Officer of NNPC Limited, said the agreements represented more than business transactions, describing them as catalysts for Nigeria’s industrial development.

He added that collaboration, investment and innovation remain essential to unlocking Africa’s vast energy resources and expanding sustainable energy access.

Reflecting on the event’s 25-year history, organisers said NOG Energy Week has evolved from a policy dialogue platform into a marketplace where major investment decisions are concluded.

They noted that decades of industry engagement have helped build the confidence and partnerships required to deliver transactions of such scale.

Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), praised the founders of the event for creating a platform dedicated to Nigeria’s energy industry, while the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said natural gas remains central to achieving both energy security and sustainability.

Portfolio and Country Director of dmg Nigeria Events, Wemimo Oyelana, said the event continues to connect investors and industry stakeholders, helping to translate investment ambitions into projects that support economic growth, employment and energy security across Nigeria and the African continent.

Organisers said the more than $4.5 billion worth of deals recorded at this year’s edition reflects growing investor confidence in Africa’s energy sector and signals continued momentum for large-scale energy investments across the continent.