Worried about the state of the nation’s oil and gas industry, stakeholders under the aegis of the Nigerian Association of Petroleum Explorationists have highlighted the need for reforms in order to attract the investments needed to increase the reserve base.
The Federal Government in 2010 set the target of 40 billion barrels of crude oil reserves and a production of four million barrels per day by 2020.
According to the Department of Petroleum Resources, the nation’s oil reserves stood at 36.971 billion barrels as of the end of 2017.
“Having favourable operational policies is an important ingredient that attracts investors and creates the enabling business environment for any country,” the President, NAPE, Dr Andrew Ejayeriese, said at the ongoing annual conference and exhibition of the association in Lagos.
He noted that in Mexico, investors had successfully bid for acreage and established their presence due to the country’s energy reforms. Read more