Chai! Na real mega news be this o! Nigeria don jackpot as Minister of State for Petroleum Resources, Heineken Lokpobiri, yan say dem don sign 28 new field development plans wey dey worth $18.2 billion. This one fit unlock about 1.4 billion barrels of crude oil reserves by 2025. Na so dem dey make Africa proud!
For Abuja, during the massive Nigeria International Energy Summit wey happen recently, Lokpobiri shine light on wetin dey happen for oil and gas sector. E talk say Nigeria don become the main stage for oil investments wey dey happen for Africa, with four out of seven major Final Investment Decisions (FIDs) don settle for this country between 2024 and 2025. Na clear policy and governance wey gree investor confidence return, na im bring all this matter come true!
Lokpobiri no dey hide am, e clear say the success no be by mistake. E talk say Nigeria gats carry out serious reforms, and now, oil investors dey catch plenty vibes again. The administration wey dey now don work hard to fix wetin dey go wrong in the past. Dem talk say when this government come into power, the oil sector dey distress, but now, na new dawn for us.
As per reforms, e call am ‘investment-ready’ meaning say anything wey go make capital dey flow freely wey international standard fit gree happen. This one include the Petroleum Industry Act wey don change the game, strengthen regulations, and make sure say dem dey protect community where oil dey flow. No be small thing o!
Dem don also talk about Project One Million Barrels wey launch for October 2024, as now Nigeria dey produce between 1.7 million to 1.83 million barrels per day. Na serious increase wey show say the reforms dey work because dem don activate rigs from just 14 to over 60! Ahn ahn, see how progress dey happen!
However, Lokpobiri talk say no be all smooth sailing as some local policies don create wahala. E point out say the engineering and construction segment dey face issues because we don dey hear of briefcase companies wey dey take over, while the real players dey sideline. This one fit affect our growth if dem no find solution fast!
The summit no just end for local talks, as independent oil producers also don raise alarm, dem dey scream for urgent reforms wey go reduce bureaucracy, streamline fees, and make capital dey accessible for long term. E sure say dem dey serious about current global energy challenges, as e no go dey easy for Africa!
Na so all stakeholders come together for the summit, them conclude say Nigeria dey on the path to stronger recovery. If government, local companies, and international partners fit follow connect, we fit turn Nigeria to energy hub wey get plenty opportunities for everybody. E go sweet if all of us fit gather strength and push am strong, so make we dey watch wetin go happen next!
Do you have a news tip for NNN? Please email us at editor @ nnn.ng
