PwC Encourages South African Investment in Nigeria's Oil

PwC has called on South African investors to consider direct investments in Nigeria's upstream oil sector to secure a reliable crude supply. Pedro Omontuemhen, a leader at PwC Africa Oil and Gas, made this appeal during an event in Lagos, coinciding with the fourth South Africa Week.

He pointed out the complementary economic strengths of Nigeria and South Africa, particularly in oil and gas and renewable energy. Omontuemhen referenced the Dangote refinery's plans to supply petroleum products across Africa and noted South Africa's limited oil resources despite ongoing exploration.

He encouraged South African firms to replicate the investment models of international oil companies that have successfully invested in Nigeria. Omontuemhen also discussed the potential for joint exploration and technology transfer between the two countries, emphasizing Nigeria's deep-water assets and the monetization of gas flares.

He urged South African investors to participate in Nigeria's upcoming oil bid round, which includes 50 oil blocks across various terrains.