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FG woos more oil investors

13 November 2012, 13:06

Abuja - The federal government says it is desirous of encouraging investors who are willing to invest in the new frontiers of the oil and gas sector.

The Minister of Petroleum Resources, Diezani Alison-Madueke, disclosed this at the 30th edition of Nigerian Association of Petroleum Explorationists’ (NAPE) Annual International Conference and Exhibitions in Lagos on Monday.

The minister said that the conference could not have come at a better time, especially against the background of “competitive pressure” from Nigeria’s neighbours.

She said that the Petroleum Industry Bill (PIB), currently before the National Assembly, would provide incentives for those willing to invest in the new frontier oil exploration activities.

Alison-Madueke, who was represented by Osten Olorunsola, a Director in the Department of Petroleum Resources (DPR), said that other sectors, especially the power sector, would benefit immensely from the new frontier.

She said that the government would continue to count on the support of NAPE to have a better and commercially rewarding oil and gas industry; and urged NAPE to come up with ideas that would help the oil and gas industry.

The minister said she was particularly happy that the oil exploration activities had picked up in the last 12 months; adding that no less than seven exploration rigs were currently in operation in different areas.

Andy Yakubu, the Group Managing Director of NNPC, said that the corporation was already repositioning its subsidiaries and building on its success in the sector.

He said that the government would continue to place more efforts on the new frontiers because there were potentials in the inland basins; and expressed happiness with the exploratory activities in Anambra, Bida, Sokoto, Yola, among others.

He said the government had made budgetary provision for development of inland basins and solicited for partnership.

Supo Shadiya, the Executive Director, Chevron Nigeria Ltd., said that the demand for energy continued to be strong worldwide; adding that Nigeria’s oil and gas industry was well positioned and fertile for steady growth and a robust development that could diversify the country’s resources.



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