Nigeria Fires up Oil & Gas Sector With New Roadmap

Nigeria’s Ministry of Petroleum Resources has initiated a new roadmap to restructure the country’s oil and gas sector and stimulate new capital commitments as well as increase returns on investments.

Known as the ‘7 Big Wins’ the roadmap was launched at an event in Abuja on Thursday by President Muhammadu Buhari who also serves as the Minister for Petroleum resources.

“In Nigeria, as part of our strategy to reposition the oil industry, this administration has commenced the process of implementing carefully conceived initiatives, to ramp up production, reduce costs, foster efficiency and attract investments in the oil and gas value chain.”

“Nigeria is ready and accessible for investments from all interested countries, individuals and partners. Let me assure you that your investments are secure in Nigeria and a high return on investment is assured,” Buhari said.

In his remarks the Minister for state for Petroleum Resources, Dr. Emmanuel Kachikwu said: “The 7 Big Wins to Grow the Nigerian Oil & Gas Industry is aimed at developing a stable and enabling oil and gas landscape with improved transparency, efficiency, stable investment climate, and a well protected environment.

“The ongoing reform in the sector presents a new dawn for Africa and we are excited about it. It shall provide huge investment opportunities in infrastructure development, oil and gas facilities, operations, and maintenance across the oil and gas value chain.

“This effort requires innovative thinking, new ideas, technology and partnership amongst various stakeholders. Such partnerships will enable us improve oil and gas production from our new, mature, and marginal fields, explore our frontier basins and improve our local refining capacity.

“We will leverage on our liberalised downstream environment to attract investment into our high value portfolio of products distribution and storage assets network. Furthermore, we will also unveil a set of enabling policies and regulations that will jumpstart our gas industry through the establishment of robust infrastructure, gas based industries – petrochemicals plants, fertilizer, methanol and LPG/ CNG programs.”

Kachikwu urged stakeholders to join in growing the energy resource base across the full value chain within Africa’s largest economy.

This post first appeared HERE

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