President Bola Tinubu has issued directives to revive the Nigerian Oil and Gas Sector.
This was contained in a release signed by the Minister of Information and National Orientation, Mohammed Idris Malagi and obtained by Sahel Standard.
The statement noted that the directives aim to shorten Nigeria’s oil and gas contracting cycle of 38 months to global standards of <6 months; to speed up production of oil and gas as well as seek to reduce operating costs for oil and gas operations in Nigeria; which currently exceed global standards by up to 40%.
It was stated further that the directives have a potential to generate up to 1bcf per day incremental domestic gas supply and create 2.3million jobs adding that the Fiscal incentives have the potential to attract up to $17.5Billion in new oil and gas investments.
It added that the enhanced security measures across the Niger Delta have delivered increased revenue from LNG Exports; cargos have grown from an average of 16 in 2023 to 21 in Q1 2024. Oil production has risen from 1.22mbpd in Q2 2023 to 1.6mbpd in Q1 2024.
