Petroleum Africa
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Thursday, November 2, 2017
Nigeria’s Minister of State for Petroleum Resources, Dr. IbeKachikwu, revealed that interest from international oil companies (IOCs) is back on the rise. The Minister said that reforms initiated and executed by the government in the oil and gas industry over the last two years had resulted in the return of confidence in Nigeria’s petroleum industry.
Kachikwu also said that this return of confidence has resulted in requests to invest over $15 billion in the sector. Speaking by podcast released in Abuja, the minister said that IOCs were beginning to believe in Nigeria’s reforms in the oil sector and its systems.
“We were able to exit the joint venture cash call – still a bit of things to be ironed out there, but for the first time multinationals began to have belief in their need to invest in the country.The amount of investment requests we are seeing from joint venture cash call members is today in excess of $14 to 15 billion dollars which are for purposes of projects like Zabazaba, Bonga extension programs and all that – multinationals are beginning to have confidence that this system is working,” said Kachikwu in the podcast.
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