Petroleum Africa
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Sunday, March 5, 2017
The Nigerian government is looking to attract more than $10 billion in new investments into its oil and gas sector over the next five years. Speaking at the Nigerian Oil and Gas Conference (NOG), the country’s Minister of State for Petroleum Resources, Ibe Kachikwu, said that the investments would aim to address some of the challenges Nigeria’s industry is currently facing.
Investments would need to cover pipeline development, rehabilitation of refineries, gas and power infrastructure, facility refurbishment, and upstream financing.
The objective of the investments, the minister said, would be to bridge the infrastructure funding gaps in the industry. Kachikwu said that the time to bring down the cost of crude oil production and have the right incentives for industry growth was now.
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