FG Inks Fresh $42bn Deals to Boost Oil and Gas Sector

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By Adedapo Adesanya

The federal government has moved to boost the country’s oil and gas sector with the signing of fresh deals worth $42 billion.

This was revealed by the Minister of State for Petroleum Resources, Mr Timipre Sylva, in Bayelsa State.

The Minister said the investment deals were signed by various Nigerian entities at the just-concluded Intra African Trade Fair (IATF) in South Africa.

He expressed strong optimism about the deals, saying that the sector needed new projects and that implementation would commence soon.

“Indeed, we need new projects in the industry to increase our production, grow national revenues, engage the local supply chain, create more employment for Nigerians and promote national security,” he said.

The Minister hailed the FPSO integration facility currently being developed in Lagos on the back of Total’s Egina Deepwater project.

“This facility is the only one in sub-Saharan Africa. We eagerly look forward to getting a similar legacy project from the ongoing Nigeria LNG Train 7 Project,” he said.

He said the federal government was committed to supporting and promoting investments in gas as Nigeria’s transition fuel, noting that this was the basis for Nigeria’s decade of gas Initiative launched by President Muhammadu Buhari in March 2021.

“This initiative feeds and helps our ministry to materialise extant gas policies in our Ministry like the National Gas Expansion program, the Gas Network Code and Flares Commercialization Program.

“Let me specially commend the NCDMB for catalyzing key investments in the gas sector across the country in furtherance of the federal government’s strategic focus in gas development and utilization. The Ministry of Petroleum will continue to provide the Board with every necessary support to deliver on these important gas projects.

“We are convinced that these gas projects, including the ongoing AKK project, would create huge opportunities for local companies in the gas value chain, as well as create thousands of jobs to reduce unemployment in Nigeria.

“As we go on with the implementation of the Petroleum Industry Act (PIA), we would like to see closer collaborations among the various agencies of the Ministry of Petroleum Resources.

“All hands must be on deck to develop our hydrocarbon resources efficiently, enhance national revenue and optimize value-adding activities in the country,” he added.

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