Nigeria set for oil bonanza

摘要

INTERNATIONAL and indigenous companies aim to invest $13.5 billion in Nigeria's beleaguered but critical oil and gas sector over the next year, after weeks of detailed consultations with a senior adviser to President Bola Tinubu and the nation's upstream regulator. This proposal dovetailed with a tentative agreement signed yesterday by supermajors and state-owned NNPC to slash the time it takes to run contracting processes for oil and gas projects. Nigeria's revenue-strapped government is in desperate need of rapid oil and gas investments, particularly by the supermajors, which have dwindled over recent years due to various fiscal, legal and social issues plus rampant oil theft in the Niger Delta.