A new report has revealed that the Federal Government and investors need to plow in about $29 billion (about N5.7 trillion) between now and 2019 into the nation’s oil and gas sector to curb further losses.
The country’s crude oil production status is currently at two million to 300,000 barrels per day.
A new report on the country’s petroleum sector from one of the International Oil Companies (IOCs) in Nigeria, revealing the glitches and opportunities, also showed that the government has not been able to maintain its cash calls obligations, which has hit $6.6 billion as at January 2016.
It noted that the Federal Government has not also been able to meet the $1.1 billion to the indigenous oil and gas operators in the country.
The report stated that the sector is still being bedevilled by declining crude oil production and revenue; decreasing investment and financial exposure; and increased risk and social disorder.
It raised alarm over the declining joint venture production, which it said has dropped from two million barrels per day since 2014 to one million barrels per day in 2016.
The report also bemoaned the delay in the release of the yearly budget, which it said, has contributed to the shortfall in JV production output.
The report also regretted that the JVs have continued to get less than expected from the Federal Government yearly.
