Kachikwu woos IOCs to boost oil sector investment

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, will be leading the country’s delegation to the Offshore Technology Conference (OTC) in Houston, Texas in May 2017 with the objective of showcasing the opportunities, processes and reforms in Nigeria’s oil and gas sector.

The Minister will be using the platform to engage International Oil Companies (IOCs) to deepen investment in the Nigeria’s oil and gas industry.

Kachikwu demonstrated this during his visit to ExxonMobil headquarters, where he had a robust discussion with top executives of the oil firm. He praised ExxonMobil for its enduring partnership with Nigeria, which has grown stronger over the years.

According to the Director, Press, Ministry of Petroleum Resources, Mr Idang Alibi, the minister restated the Federal Government’s efforts aimed at reducing importation of petroleum products.

“The effort will be boosted if major IOC partners operating in Nigeria invest in building signature refineries to be run on joint venture basis with the Federal Government providing the necessary incentives,” he said.

Reiterating the gains that have been made through the signing of the repayment agreement for the Joint Venture cash call in 2016, Kachikwu further clarified that the initial payments to IOCs would be made by the end of this month, and that it would be expedient if the IOCs reciprocated the Federal Government’s gesture and commitment by ensuring that they ramped up investments in the industry.

He also encouraged ExxonMobil to invest in more practical deliveries in human capital development and investment in local growth of skill sets required in the industry.

ExxonMobil recognised the valued partnership with Nigeria and noble work of the minister to ensure the development and growth of Nigeria’s oil and gas industry. ExxonMobil also reiterated its commitment to

help deliver power to Nigeria and support the gas commercialization programme of the Ministry Petroleum Resources.

Alibi said the meeting was part of the ongoing investment drive initiative embarked on by the Minister of State to IOCs, adding that the first of these was with Italian IOC giant, Eni, in January 2017 where the Italian firm pledged to work with Nigeria to revamp the Port Harcourt Refinery. Other IOCs scheduled to be visited include Shell, Chevron and Total.