Petroleum Africa
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Tuesday, September 24, 2019
In an attempt to attract more foreign investment into its oil and gas sector, Timipre Sylva, Nigeria’s new oil minister, said he wants to reduce the government’s stake in its JV businesses with foreign companies.
Sylva, who was appointed in mid-August to replace Emmanuel Ibe Kachikwu, has a number of plans and goals for the industry; lowering the government’s stake to 40% from 55%-60% is one of them. Other goals include raising production to 3 million bpd and cutting production costs by at least 5%.
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