Nigeria hopeful of $32.5b oil projects as NNPC eyes 1.8mb/d in July

• NCDMB worries over drop in oil contribution to GDP, revenueThe development is coming as the country is expected to see its oil production rise to 1.8 million barrels per day in July, amidst calls from industry stakeholders for the country to urgently address loopholes in the Petroleum Industry Act and immediately finalize the Host Community fragment of the law.

The concerns for the operators bordered on the need for the Nigerian government to urgently address challenges that diminish the bankability of the country’s energy industry, especially insecurity, crude theft, community issues, poor governance framework, sanctity of contracts, contractor capability, gas fiscals for deepwater and dry gas, projects economics as well as clear operationalization of the PIA fiscal system.

Okunbor said about $3 billion would be spent in capital expenditure to grow domestic gas supply to power industries, petrochemical plants and commercial markets. The sector is also looking to fully optimise the opportunities in the $3.5bn Agbami oilfield as well as the $10 billion Escravos Gas Plant Degasser Project.

He noted that the country’s response to the security challenges through the deployment of industry-wide security architecture brought a holistic hydrocarbon infrastructure security architecture to tackle the issue of crude oil theft and vandalism of oil and gas assets. “Progress has been recorded with improvements in the contracting cycle and co-sharing of services amongst upstream operators,” he said.

According to him, opportunities driven by policies, guidelines, regulations, and statutes are attractive to investors as there is clarity on the framework governing their business endeavours.

Source: News Formal (newsformal.com)

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