FG Woos Investors In Oil, Gas Sector

 The Federal Government says it is desirous of encouraging investors who are willing to invest in the new frontiers of the oil and gas sector.
The Minister of Petroleum Resources, Mrs Diezani  Madueke, disclosed this at the 30th edition of Nigerian Association of Petroleum Explorationists’ (NAPE) Annual International Conference and Exhibitions in Lagos on Monday.
The minister said that the conference could not have come at a better time, especially against the background of “competitive pressure” from Nigeria neighbours.

 The Federal Government says it is desirous of encouraging investors who are willing to invest in the new frontiers of the oil and gas sector.
The Minister of Petroleum Resources, Mrs Diezani  Madueke, disclosed this at the 30th edition of Nigerian Association of Petroleum Explorationists’ (NAPE) Annual International Conference and Exhibitions in Lagos on Monday.
The minister said that the conference could not have come at a better time, especially against the background of “competitive pressure” from Nigeria neighbours.
She said that the Petroleum Industry Bill (PIB), currently before the National Assembly, would  provide incentives for those willing to invest in the new frontier oil exploration activities.
Madueke, who was represented by Mr Osten Olorunsola, a Director in the Department of Petroleum Resources (DPR), said that other sectors, especially the power sector would benefit immensely from the new frontier.
Madueke said that the government would continue to count on the support of NAPE to have a better and commercially rewarding oil and gas industry.
She urged NAPE to come up with ideas that would help the oil and gas industry.
The minister said she was particularly happy that the oil exploration activities had picked up in the last 12 months.
She said that no less than seven exploration rigs were currently in operation in different areas.
Mr Andy Yakubu, the Group Managing Director  of NNPC, said that the corporation  was already repositioning its subsidiaries and building on its success in the sector.
Yakubu said that the government would continue to place more efforts on the new frontiers because there were potentials in the inland basins.
He expressed happiness with the exploratory activities in Anambra, Bida, Sokoto, Yola, among others.
He said the government had made budgetary provision for development of inland basins and solicited for partnership.
Mr Supo Shadiya, the Executive Director, Chevron Nigeria Ltd., said that the demand for energy continued to be strong worldwide.
Shadiya said that the Nigeria oil and gas was well positioned and fertile for steady oil growth and a robust development that could diversify the country’s resources.
The four-day conference has the theme: “Nigeria oil and gas exploration: The next frontiers”.