The Federal Government of Nigeria has projected that the oil and gas sector will witness investments totaling $5 billion this year, as disclosed during the ongoing oil and gas sector retreat organized by the Federal Ministry of Petroleum Resources in Abuja. The government emphasized its commitment to creating a conducive operating environment to attract investors.
During the retreat, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, highlighted the ministry’s mandate to increase crude oil production. He underscored the importance of attracting investments to achieve this goal, emphasizing collaboration with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to enhance production.
Lokpobiri emphasized the government’s efforts to address security challenges and pipeline vandalism in the sector, aiming to bolster investor confidence. He stressed the necessity of a globally competitive regulatory framework to attract more investments, noting sustained interest from oil and gas companies in Nigeria.
The Group Chief Executive Officer of NNPCL, Mele Kyari, speaking at the 2024 Strategic Women in Energy, Oil and Gas Leadership Summit in Abuja, highlighted the energy poverty prevalent in Nigeria and Africa. He emphasized NNPCL’s role in ensuring energy security and its vision for the future, including increasing crude oil production, refining capacity, and expanding renewable energy portfolios.
Kyari outlined NNPCL’s vision for the next decade, envisioning a Nigeria driven by the oil and gas industry, with increased gas monetization, crude oil production, and refining capacity. He also emphasized the importance of optimizing dividend payouts to shareholders and expanding the retail network across sub-Saharan Africa.
President of Women in Energy, Oil and Gas, Oladunni Owo, highlighted the significance of International Women’s Day in recognizing women’s achievements and contributions across various sectors, including energy. She emphasized WEOG’s commitment to championing women’s roles in the energy industry, aligning with the spirit of international women’s month celebrations.
The statements made during the retreat and summit underscore the government’s and industry’s determination to attract investments, enhance energy security, and promote gender diversity and inclusivity in the oil and gas sector.
