Assistant Business Editor
In an effort of making Nigeria oil and gas sector to be the preferred investment destination and in continuation of his visit to the headquarters of International Oil Companies (IOCs) operating in Nigeria, Minister of State for Petroleum Resources Dr. Ibe. Kachikwu has met with Shell and Total to make a case for more oil and gas investments in Nigeria.
The visit to Shell Headquarters at The Hague, Netherlands and Total in Paris, France were in furtherance of the minister’s commitment to achieving key aspirations of the 7BigWins, the petroleum ministry said in a twitter post.
The minister had recently visited US-based ExxonMobil to ask the company to consider investing in building signature refineries.
At Shell, conversations revolved around, “the PIB/fiscals update, Niger Delta, investments in Nigeria and capacity building,” the ministry said in the post.
Investments in the power sector, distributive renewables, gas flare harvesting and power generation for host communities were also discussed. “Conversation with Total revolved around legal/fiscal, Joint Ventures, PSC, industry cost efficiency and clean energy,” the ministry added.
However, in line with the ministers discussion with the IOC’s, an Economic experts has said that right fiscal and legal framework, basic infrastructures, security and full deregulation of the downstream oil sector will guarantee Nigeria oil and gas sector to be the preferred investment destination .
Mr. Johnson Chukwu made this know while speaking with newsmen in Lagos, and opined that the desire of the petroleum ministry to see the oil and gas sector attract good Foreign direct investment before the end of the year may be achieved if government implements its policies, especially passing all the parts of the petroleum industry and governance bill.
The Minister of Petroleum, Dr Ibe Kachikwu had recently developed a new policy document couched ‘The 7 Big Wins,’ that will compressively address the issues of policy and regulation, business environment and investment drive, gas revolution, refineries and local production capacity, Niger Delta and security, transparency and efficiency, as well as stakeholder management and international co-ordination.
Stakeholders had applauded the initiative of the Minister but maintained that government must show great political will to effect the policy and other necessary fiscal framework that are catalyst to make the oil and gas sector a preferred investment destination.
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