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Over $48bn Investment Opportunities Exist In Nigeria’s Oil Industry – NNPC

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NNPC says several opportunities available in oil industry

The Nigerian National Petroleum Corporation, NNPC, has said  that there are currently over $48 billion investment opportunities in the Nigerian petroleum industry.

 Group Managing Director of the NNPC, Mr. Maikanti Baru said this in a statement in Abuja and called on   foreign investors to utilize these opportunities.

He stressed that several new frontiers for exploration opportunities abound in Nigeria, noting that offshore discoveries in the country had mostly been limited to between 1,000 – 1,500 meters of water depth.

According to him, issues related to leal and regulatory uncertainties, lack of infrastructure, skilled manpower shortage, transparency and accountability must be tackled.
 Baru  also noted the continent’s Oil and Gas Industry may not achieve its full potentials if these problems persist.

While highlighting  numerous potentials of Africa’s Oil and Gas Industry, Baru said the continent’s energy outlook was looking positive amidst economic meltdown.

He explained that over 41 billion barrels of oil and 319 trillion cubic feet of gas were yet to be discovered in sub-Saharan Africa alone, while between 2008 and 2017, exploratory success in the sub-region was at least 45%.

However, he said  there has been a surge in the capital expenditure (CAPEX) across Africa’s Oil and gas sector, with close to $194 billion earmarked to be spent between 2018 and 2025 on 93 upcoming oil and gas fields in Africa.

Baru noted that with more than 14 oil producing countries, Africa currently accounts for 7.5 per cent, about 126.5Billion barrels of crude oil, and 7.1 per cent, about 488 trillion cubic feet, TCF, of gas, of global proven oil and gas reserves respectively.

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