Nigeria expects to invest over $18 billion in oil and gas projects would between now and next year, Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti said.
Speaking during a panel session at the NOG Energy week being held in Nigeria’s capital Abuja, Wunti noted that the drive to broaden local content and develop capacity in the upstream industry is non-negotiable.
Wunti noted that the FDIs are expected mainly because of the nation’s Petroleum Industry Act, PIA, and urged investors to invest in the oil and gas industry.
He said: “In the international market, capital has become very discriminatory against fossil fuel. We also know that capital has become very impatient. Everybody wants to invest today and harvest tomorrow. Nobody wants to wait for a 10-year circle.
“Therefore, if Nigeria and those in the industry want to attract this capital, “we must structure ourselves in such a way as we will be speedy, not only being speedy, we will key into the global dynamics and narratives of carbon and emissions management.”
