Nigeria Requires $16.5bn To Achieve 40bn Barrels Oil Reserves Target

Nigeria Requires $16.5bn To Achieve 40bn Barrels Oil Reserves Target

The Chief Operating Officer, Gas and Power, Nigerian National Petroleum Corporation (NNPC), Saidu Mohammed, has said that to achieve the set target of 40 billion barrels crude oil reserves by 2020, the hydrocarbon industry will require between $13 and $16.5billion over the next five years, The Guardian reports.

According to Mohammed in the current edition of the NNPC Newsletter, under the infrastructure and power plants, there are also investment opportunities of over $11billion in the country. He added that the country also requires about $6 billion to revamp the country’s refineries.

Mohammed unveiled opportunities in the construction of new crude and product pipelines, pumping station upgrades, revamp of Liquefied Petroleum Gas (LPG) plants, construction of new LPG storage tanks, filling stations, and equipment supply. He noted that the provision of coastal vessels and tugboats and other ancillary support services are equally areas that would yield high return on investments of about $3billion.

He added that opportunities exist for the establishment of pipe mills, equipment leasing and operations. “Others in this aspect are construction of gas storage/compressed natural gas and LPG fillings as well as development of multi-specialist hospitals,” he said.

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