Nigeria to Invest $100 Billion in Oil and Gas Exploration
Nigeria is to spend $100 billion with its joint- venture partners Royal Dutch Shell Plc, Exxon Mobil Corp. and Chevron Corp. in the next five years to explore for crude and gas onshore and in deepwater fields as it seeks to boost output and increase reserves.
“That’s our investment profile both in the production sharing contracts and joint ventures from now to 2016 and beyond,” Austen Oniwon, group managing director of the Nigerian National Petroleum Corp., said in an interview in Abuja. “Joint venture funds will come from both the government and the international oil companies, while the production sharing contracts will be from the contractor.”
The nation currently has 37 billion barrels in crude reserves and Africa’s largest gas reserves of 187 trillion standard cubic feet, according to the Department of Petroleum Resources, the country’s oil industry regulator. The government missed its targets to boost reserves to 40 billion barrels and output to 4 million barrels a day by 2010.