The Federal Government has called on global investors to patronize the Nigerian Natural gas industry stressing that there are favourable opportunities provided by the Petroleum Industry Act, PIA.
Speaking at the ongoing GASTECH Exhibition and Conference in Milan, Italy, the Minister of State, Petroleum Resources, Timipre Sylva, who made the call, said Nigeria was open for more investment from the international community as enabling laws and policies have been put in place to grow their investment.
Also speaking, the Group Executive Director, Gas and Power, Nigerian National Petroleum Company Limited, NNPC, Mohammed Ahmed, said the company has continued to collaborate with investors to attract more investment to Nigeria in the ongoing phased expansion programme.
Speaking during a panel session on ‘Bridging the project funding gap in a time of geopolitical uncertainty’, Ahmed, said there is need to consciously look at financing upstream investment which is key.
“Someone has to do it. Several efforts have been put in place to enhance investment. The transitioning of the NNPC is expected to aid investment” he said.
He, however, noted that the country remains challenged by infrastructure to deepen gas utilisation.
Speaking as well, Deputy Chief Operating Officer for Natural Resources, Eni, Cristian Signoretto, said his company plans to increase investment in the sector globally in the years ahead.
He stated: “We plans to invest around 4.5 billion euros ($4.47 billion) in upstream activities each year from now to 2025 focusing on several countries.
“We are fully committed to invest 4.5 billion per annum in the upstream to bring on line new gas supplies.”
