Ibe Kachikwu, minister of State for Petroleum Resources, is wooing international oil companies, IOCs, to increase their investments in the oil and gas industry.
Recently, the minister engaged the executives of ExxonMobil when he praised the company for its enduring relationship with Nigeria over the years.
Idang Alibi, director of Press, Ministry of Petroleum Resources, stated that the minister restated the federal government’s efforts aimed at reducing importation of petroleum products. He said the effort will be boosted if major IOC partners operating in Nigeria invest in building signature refineries to be run on joint venture basis with the federal government providing the necessary incentives.
Kachikwu explained that several benefits had accrued to the country through the signing of the repayment agreement for the Joint Venture cash call in 2016. He also clarified that the initial payments to IOCs would be made by the end of this month, and that it would be expedient if the IOCs reciprocated the federal government’s gesture and commitment by ensuring that they ramped up investments in the industry.
The minister encouraged ExxonMobil to invest in more practical deliveries in human capital development and investment in local growth of skill sets required in the industry.
Alibi said the meeting was part of the ongoing investment drive initiative embarked on by the Minister of State to International Oil Companies, adding that the first of these was with Italian IOC giant, Eni, in January 2017 where the Italian firm pledged to work with Nigeria to revamp the Port Harcourt Refinery. Other IOCs scheduled to be visited include Shell, Chevron and Total.
Kachikwu will in the light of this lead the country’s delegation to the Offshore Technology Conference, OTC, in Houston, Texas in May 2017 with the objective of ‘showcasing the opportunities, processes & reforms in Nigeria’s oil and gas sector.’