FG Is Committed To Growing Nigeria’s Oil And Gas Reserves – Yemi Osinbajo

Vice-President, Yemi Osinbajo has come out to say that the fiscal provisions for gas business in the Petroleum Industry Bill (PIB) would be one of the most attractive in Africa.

Yemi Osinbajo recently revealed this at the opening of the 38th Annual International Conference of the National Association of Petroleum Explorationists (NAPE).

According to him, the government is committed to growing Nigeria’s oil and gas reserves, which presently stand at 36.89 billion barrels of crude oil and 203.16 trillion cubic feet of gas.

He added that Nigeria needs effective synergy and collaboration between policymakers, academic institutions, professional bodies, oil and gas industry players and the research and development centres.

His words, “In order to grow our reserves, we have proposed fiscal incentives that will attract investments in all our basins in the PIB.

“In addition, the fiscal provisions for gas business will be one of the most attractive in Africa.

“Therefore, opportunities abound for geoscientists, engineers and numerous other service providers in the shortest time to come.

“In order to significantly grow our hydrocarbon reserves, we need to invest immensely in research and development so as to support the industry.

“We need effective synergy and collaboration between policy makers, academic institutions, professional bodies, oil and gas industry players and the research and development centres.

“They need to come up with innovative ideas and technology for cost-effective exploratory and drilling activities.”