Nigeria is to deregulate its gas sector

Nov 19, 1999 01:00 AM

Nigeria is to deregulate its gas sector, a top official said, a day after the signing of a $ 1 bn oilfield development agreement with Shell. Vice President Atiku Abubakar told a visiting US trade delegation led by Houston, Texas, Mayor Lee Brown in Abuja that the proposed deregulation would level the playing field for potential investors all over the world.
Nigeria is rich in both oil and gas, with the gas sector remaining largely untapped, while more than 90 % of its wealth is derived from the oil sector. Nigeria signed a deal with Shell to develop the EA/EJA oilfield, estimated to have reserves of 350 mm barrels. The oilfield is expected to go into operation in the second half of this year. Abubakar said that Nigeria had created the necessary environment for foreigners to invest in the nation's gas sector.
He urged the Houston delegation to encourage American investors to avail themselves of the opportunities provided by the friendly environment in Nigeria. Brown said the team was in the country to develop trade ties between Texas State and Nigeria. Houston's population of 4 mm includes 50,000 Africans, he said, adding that his city would continue to support Nigeria, especially in view of the country's return to democracy after more than 15 years of military rule.

Source: AFP via Iinoil
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