Government to Invest $150 billion in Oil and Gas Sector

The President, on Friday, commissioned three wellhead platforms for the Nigeria National Petroleum Corporation (NNPC) and Mobil that were built by Nigerdock Nigeria Plc at its Snake Island Integrated Free Zone facility in Lagos.

The three wellhead platforms are intended for use at Mobil offshore oil fields, Abang, Oyot and Itup located in Oil Mining Leases (OML) 67 and 70.

The fields are expected to produce more than 100 million barrels of oil and 20 million barrels of natural gas liquids.

Speaking at the commissioning, the President said, “I’m delighted to commission this project today because it is not just mere commissioning but testament of the government’s commitment to developing local content in the oil and gas sector.

‘’This is imperative because the sector accounts for 80 per cent of Nigeria’s income. This project created and will continue to create employment and we will continue to expand employment opportunities.”

Also present at the ceremony, was the Minister of Petroleum Resources. She harped on the local content development as wellheads such as the one commissioned are usually manufactured overseas.

She also spoke of upcoming huge government investment in the Oil and Gas sector.

She said, “With the Federal Government planning to achieve FIDs for new projects estimated to be worth over $150bn in the next five years, efforts had progressed to ensure that there will be enough yards, facilities, institutional knowledge and trained manpower to execute a high proportion of the works in Nigeria to international standards of quality and safety.”

2 Comments

1. 

   Smshuwa

   March 20, 2012 at 9:48 am

   why cant you invest in oil exploration in benue trough and chad basin? since extensive hydrocvarbon mapping and geological research indicate huge deposits of gas and petroleum in the areas.  nig can increase its proven reserves by doing that. tnk abt it mr president and minister.
2. 

   Smshuwa

   March 20, 2012 at 9:48 am

   why cant you invest in oil exploration in benue trough and chad basin? since extensive hydrocvarbon mapping and geological research indicate huge deposits of gas and petroleum in the areas.  nig can increase its proven reserves by doing that. tnk abt it mr president and minister.