Nigeria moves to attract more foreign investment in gas sector

Aug 06, 2004 02:00 AM

Nigeria is to introduce a new legal and regulatory regime that would attract more foreign investment in the gas sector, a senior government official said.
Edmund Daukoru, special adviser to President Olusegun Obasanjo on economic matters, told, "the Ministry of Petroleum Resources is putting in place effective policies and regulations that would grow investment in the natural gas business."

He said the west African nation, also the world's sixth largest oil exporter, was taking necessary steps that would make gas stand on its own legs, without undue reliance on substantial subsidy from oil. Nigeria's proven gas reserve, according to the adviser, is now about 187 tcf in the Niger Delta, up from the previous 160 tcf.
"We expect that by 2007, the country would have moved up from the sixth highest producer of gas in the world to occupy a third position," said Daukoru.

Nigeria produced 53.379 mm cm of natural gas in 2003, an increase of 11.3 % over the 2002 level.
The production is expected to soar in 2004 due to the government's aggressive output expansion plans for the oil and gas sector between 2004 and 2007.

Source: Xinhua
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