Nigeria oil sector embraces change and gets back on track – Kachikwu

Dr Ibe Kachikwu

As the oil and gas industry claws its way back from the downturn, Nigeria is positioning itself to become more attractive not only to potential investors but for the country as a whole, according to minister of state petroleum resources, Dr Ibe Kachikwu.

Dr Ibe KachikwuKachikwu, while addressing an International Press Conference on the sidelines of the Offshore Technology Conference (OTC) 2017 holding in Houston, Texas with the theme ‘Showcasing the Opportunities, Processes & Reforms in Nigeria’s Oil and Gas sector’ said that the key to the resurgence being experienced in the Oil and Gas sector of Nigerian can be attributed to the continuous and holistic implementation of the Nigerian Petroleum Roadmap – “7 Big Wins” which is the short and medium term priorities to grow Nigeria’s Oil and Gas sector.

The minister also revealed that another key milestone recorded recently was the commencement of settlement of outstanding joint venture cash call debts the Federal Government owes the International Oil Companies (IOCs). He stated that the first payment of $400 million was paid last week to the IOCs. The $400 million payment was part of cash call debt owed the IOCs in 2016. This, the Minister of State stated, was different from the discounted $5.1 billion cash call arrears it negotiated in December 2016 with the IOCs.

The minister also revealed that the government has made several regulatory changes that will attract investors and also give stability that the industry needs.

Source: Per Second News

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