“This is imperative” – FG to invest $150 billion in Oil & Gas industry

by Lekan Olanrewaju

The President on Friday commissioned three wellhead platforms for the Nigeria National Petroleum Corporation (NNPC) and Mobil. The wellhead platforms were built by Nigerdock Nigeria Plc at its Snake Island Integrated Free Zone facility in Lagos and are intended for use at Mobil offshore oil fields. They are expected to result in an output of more than 100 million barrels of oil and 20 million barrels of natural gas liquids.

According to the president, the project will result in increased employment. “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,” he said.

He continued:

“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.”

The Minister for Petroleum Resources also spoke on upcoming investments saying: “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.”

 

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