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NIGERIAN CRUDE OIL AND GAS.
Nigerian oil sector gulped $ 39.2bn in last eight years
Minister of State for Energy (Petroleum) Odein Ajumogobia (SAN) said
that about $ 39.2 bn was allocated to develop the nation's oil and gas
industry in the last eight years. He spoke in Abuja on a position paper,
"Reflections on the Nigerian Oil and Gas Industry", at a two-day
conference to mark 50 years of commercial oil production in Nigeria.
This is coming on a day Vice President Goodluck Jonathan offered fresh
insights on how to bring an end to the troubled Niger Delta, saying its
resolution lies in a systematic, holistic approach in the overall
interest of the communities and all Nigerians who depend on it for
sustenance.
Delta State Governor, Dr Emmanuel Uduaghan, in his presentation, said
the way to ensure sustainable stability in the region and guarantee
uninterrupted production in the oil and gas industry was through massive
infrastructural and community development. Noting that the oil and gas
sector is highly capital intensive, Ajumogobia said that for instance,
its budgetary allocation from the Federal Government between 1999 and
2007 averaged $4.9bn per year.
"With this level of investment and the quota restriction by OPEC,
Nigeria exports on the average about 2.14 mm bpd. Nigeria has an
aggressive production capacity expansion plan that targets a robust
portfolio of supply development plans from 2007 to 2010. That will grow
capacity from about 3 mm bpd currently to 4 mm bpd," he said.
Ajumogobia said that the sector contributed about 90 % of government's
revenue and 95 % of the country's foreign exchange earnings. According
to him, an estimated annual spending of about $15bn and $20bn is
anticipated, going forward in Nigeria's exploration and production
sector on capacity growth and exploration.
"This puts Nigeria in the forefront among OPEC peer countries in terms
of capacity growth investments".
