Improvement in the release of joint venture funds for oil and gas projects by the Federal Government through the Nigerian National Petroleum Corporation will attract more investments to Nigeria’s oil sector, Shell Petroleum Development Company of Nigeria has said.
According to the SPDC, the recent development in terms of improvement in the JV funding by the Federal Government has also increased the confidence of investors in the country’s oil sector. The Managing Director, SPDC and Country Chair of Shell Companies in Nigeria, Osagie Okunbor, who disclosed this in an interview, said in recent times a lot of things had been achieved between the international oil companies and the Federal Government.
Okunbor expressed optimism that the increased confidence in the sector was a precursor to increased investments. He said, “What this has done, from a Shell perspective, is that it has actually created much more confidence in the minds of investors. This has been running for a year; so we can say there is some stability and we can seriously consider investments.”
Source: Energy Mix Report