The convener, Nigerian International Petroleum Summit, Mr. James Shindi, has said that the capacity of the country to upscale its oil and gas reserves is a major
factor that stands its out as an investment destination, adding that Nigeria has the capacity to achieve 40-billion-barrels oil reserve projects.
“The sector will remain attractive to investors,” he said, adding that even if there were no new oil finds, the
investment potential of the sector was not under threat, as it would remain a major investment
destination.
Shindi, who rated the investment capacity of the sector, said, “If you take into account Nigeria’s condensates production, the daily average production is over two million barrels. There is a very realistic capacity to upscale the country’s proven reserves to 40 billion
barrels within the next few years, so this market will continue to remain attractive for a long
time.
“Even if there are no new oil finds, you are looking at another roughly 45 years, or so, of supply at current rates. However, when you start to look at the huge gas reserves of well over five trillion cubic feet, which rank
Nigeria as possessing Africa’s largest gas reserves, this surely has to be the investment destination of choice and will continue to be.”
