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IOCs Plans to Invest $165 Billion in Nigeria Oil & Gas Industry

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International Oil Companies (IOCs) have expressed readiness to invest $165 billion (about N25.9 trillion) in Nigeria in the next five years.

The companies said such investment will go into new oil and gas development and infrastructure that will boost production and develop industry competences.

Managing Director of Shell Nigeria Exploration and Production Company Chika Onyejekwe, who disclosed this in Lagos yesterday at a seminar for energy reporters, said the company is committing huge funds into developing deepwater assets.

He said the company is leading industry growth & plans to boost local production index as Nigeria gets 80 percent of its annual budget financing from the sector.

According to him, his company's Bonga field exported its 450 millionth barrels of oil last year despite challenges which include security breach on the facility.

Speaking on Nigeria's deepwater activities, Mr. Stefan Vas De Vael said the IOCs have invested over $48 billion since 1993 in deepwater exploration, delivering 0.8 million barrels daily in 2012.

Vael said deepwater could contribute about one third of national aspiration as laid out in vision 2020.

According to him, the deepwater development has the capacity of generating about 200, 000 jobs in the country.

He said notable deepwater fields holding large potentials in Nigeria include, Erha, Abo, Bonga, Usan, Agbami and Akpo.

He said Bonga produces 200 barrels of oil per day while Erha produces 150 barrels of oil per day and has so far produced over 400 million barrels of oil.

He disclosed that Shell is investing in other key oil blocks that have the capacity to produce about 1.4 billion barrels of oil.

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