Nigeria to Invest $ 100 Billion in Oil & Gas Exploration

Nigeria plans to invest $100 billion over the next five years in the development of her oil and gas reserves. This revelation was made by Austen Oniwon, the Group Managing Director of the NNPC to international media.

According to Oniwon, “That’s our investment profile both in the production sharing contracts and joint ventures from now to 2016 and beyond,” Austen Oniwon, group managing director of the Nigerian National Petroleum Corp., said today in an interview in Abuja, the capital. “Joint venture funds will come from both the government and the international oil companies, while the production sharing contracts will be from the contractor.”

Nigeria currently has about 37 billion barrels of crude in her reserves after missing a target to boost them to 40 billion in 2010.

The country plans to undertake a vast expansion in its crude oil exploration activities in collaboration with its joint venture partners such as Shell, Chevron, Total and Eni.

Expansion efforts have been delayed largely due to the failure of the government to pass the Petroleum Industry Bill (PIB). However the Minister of Petroleum Resources Diezani Madueke has stated that the government will  submit the PIB to the House of Assembly by March.

2 Comments

1. 

   Anonymous

   February 23, 2012 at 11:44 am

   OHHHH ,

   ENGR AUSTEN , I HEARD YOU ARE NOW SMARTER AND ACTIVE AND A BIT
   PALE  .OHH SOWEI!!!!!.

   HAHAHAHAHAHAHA.

   GOOD.

   I HAVE NO PROBLEM WITH YOU PERSONALY .

   BUT I HAVE BIG PROBLEM, WHEN YOUR OFFICE SLEEPS ,

   YOU HAVE A BIG RESPONSIBILITY …….

   (ACCOUNTABILITY AND SINCERITY OF PURPOSE WHILE SERVING PUBLIC).

   NNPC NO BE YOU FATHER GET AM.

   NA FOR ALL NIGERIANS ,NORTH ,SOUTH ,EAST AND WEST.

   CHECK YOUR COMPANIES WEBDSITE , ITS NOT CREATIVE .

   SPEND SOME MONEY AND MAKE THE  NNPC WEBSITE FUNCTIONAL AT LEAST .

   AT LEAST NO MORE HIGH SEA DISTURBANCES AGAIN ,

   CONCENTRATE AND DO GOOD JOB KOGI MAN .

   GOOD GOVERNACE .WAY FORWARD .>>>>>>>

    
2. 

   Anonymous

   February 23, 2012 at 11:46 am

   I HAVE THE RIGHT TO TALK AND ASK WHY  .

   ITS MY NOBLE RIGHT IN NIGERIA .