Fidelity bank banner Bayelsa State banner
Nigeria, others lose $300bn oil investments

By Raji Rasak on 31/07/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 841

•Petroleum Minister of State, Dr Ibe Kachikwu
•Petroleum Minister of State, Dr Ibe Kachikwu

 The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday lamented the loss of 300 billion dollars in oil investments globally in three years, due to the decline in oil price.

Kachikwu, who stated this at the 2017 Society of Petroleum Engineers’ (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos, said the losses were in oil exploration and production.

The theme of the conference is: “Building the Waves of Boom and Burst: Common Objectives Diverse Perspective”.

The minister said on the Nigerian side, the loss of these investments was due to inefficiency in the country’s security policy and inconsistency in policies.

According to Kachikwu, investors prefer to invest the limited resources elsewhere in African countries; so what we are losing, other countries in Africa are gaining.

“The situation is very challenging when it comes to losing opportunities arising from investment.

“For the first time in the oil sector, the decline in the oil price resulted into loss of jobs.

“Infrastructural gap is another factor which the decline in the price created.

“We have an infrastructural gap deficit of 50 billion dollars because government was responsible for infrastructure and we did not engage the private sector.

“The whole idea of the new petroleum policy is to move the private sector into financing part of the projects, because Government cannot do it alone,” he said.

The minister said the boom and burst had become the way of life in the oil and gas sector.

“I think we have had about five circles of boom and burst over the last 35 years and each time, we begin as if we did not expect it.

“The boom and burst has become the nature of oil and we should not be surprised anymore.

“Over 80 per cent decline in world oil price was recorded between 2014 and 2016 with oil price falling between 25 dollars per barrel.

“All the same, we have managed through the principles of OPEC, to keep the price going between 45 and 50 dollars per barrel.

“For now, our expectations between the year 2017 and 2018, is to keep the price at 60 dollars per barrel,” he said.

Kachikwu, however, said some countries and people were moving away from oil.

He said that electric motors were taking over globally.

“In the next 20 to 25 years, oil lifespan will expire, so we just need only five years to make a change of policy in the sector.

“We must make a traumatic decision for the oil sector to survive the innovation.

“The country needs a consistent policy and to deal with inefficiencies in our system to survive the trend,” he said.

Welcoming the participants, Mr Saka Matemilola, the Chairman, SPE Nigeria Council, said the mission of the conference was to disseminate information as regards the oil and gas sector.

Matemilola said petroleum sector remained the main focus of the national economy.

He said the current challenges in the oil sector provided the necessary catalysts to provide opportunities for the country. (NAN)

 

Source News Express

Posted 31/07/2017 8:47:20 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
NDLEA takes drug war to church in Anambra...

May Day: Why workers deserve to be celebrated...

Nigerian Army bans officers, soldiers on duty from...

Western Lotto reports 50 percent increase in winnings...

Trump bows to pressure, ends migrant family separation...

Police cordon off Anambra PDP office, stop party’s...

Nigerian executed in Singapore for drug offences despite...

Troops launch fighting patrols in Bauchi, kill armed...

Buhari seeks Senate’s approval to borrow $6.926bn from...

NiMET predicts plenty of fog, misty and haze...

Oba of Benin banishes suspended Chief Priest

IPOB to Buhari: Biafra unstoppable

 

Latest News Leah Sharibu, Dapchi Five and ransom scam, By Ann Mcgregor, PhD Another showdown at APC convention as delegates exchange blows, throw chairs Many feared killed as gunmen invade villages in Plateau Why we did not attend APC National Convention — Kwankwaso Group accuses Bayelsa APC of recruiting cultists for elections ISIS Threat: FG beefs up security, deploys AIG to Lagos airport FG to begin Voluntary Asset Repatriation Scheme as VAIDS expires Surveyors offer to help FG fight insurgency, herdsmen/farmers clash SERAP wins battle to compel Adamu, Ogbeh to account for spending on water US government reunites 522 children removed under 'zero tolerance' NLNG to boost domestic LPG supply with new vessel NEITI urges review of Oil Producing Agreements

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (353,093 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (353,042 views) Shameless Genevieve Nnaji exposes breasts in public (281,031 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,626 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,454 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,448 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,283 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,471 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,152 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (149,064 views) Lagos plane crash: Journalist releases victims’ names (144,240 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,944 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,267) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (507) Features (608) Global Business Monitor (284) International (2,056) Interview (155) Live Commentary (28) Love Matters (124) News (36,462) Opinion (1,005) Pidgin (10) Politics (5,333) Religion (772) Sports (1,562) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigeria vs Iceland 2-0 All Goals & Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement