Kachikwu Visits ExxonMobil, Woes IOCs For Investment

Kachikwu Visits ExxonMobil, Woes IOCs For Investment

Dr. Emmanuel Kachikwu, Minister of State for Petroleum Resources, on Tuesday, called for deepening of investment in Nigeria’s oil and gas sector by International Oil Companies (IOCs) operating in the country.
Speaking at a meeting with top Executives of ExxonMobil at its Headquarters, as part of an ongoing investment drive initiative he embarked on to International Oil Companies (IOCs), the first of these was with Italian giant Eni in January, Dr. Kachikwu commended the company on its enduring partnership with Nigeria which has grown stronger over the years.
He restated efforts by the Federal Government to reduce petroleum products import, which would be boosted, according to him, 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 needed incentives.
A statement Idang Alibi, director of Press at the Ministry, said Kachikwu reiterated the gains made in the sector through the signing of the repayment agreement for the Joint Venture Cash Call in 2016.
He further clarified that the initial payments to the IOCs would be made by the end of April 2017 and that it would be expedient if the IOCs reciprocate the Federal Government’s gesture and commitment by ensuring that they ramp up investments in the country’s oil and gas sector.
He also urged ExxonMobil to invest in more practical deliveries in the area of human capital development and investment in local growth of skill sets required in the oil and gas sector.
On its part, ExxonMobil recognized the valued partnership with Nigeria and the Minister’s noble work to ensure development and growth of the nation’s oil and gas sector, while reiterating its commitment to help deliver power to Nigeria and support the gas commercialization program of the Ministry of Petroleum Resources.
At the January meeting with ENI, the Italian giant pledged to partner Nigeria to revamp the Port Harcourt Refinery.
Other IOCs scheduled to be visited during include Shell, Chevron and Total.
In line with this, the Minister of State would lead the Nigeria’s delegation to the Offshore Technology Conference (OTC) in Houston, Texas early May 2017 to showcase opportunities, processes and reforms in the country’s oil and gas sector