The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Baru, said the corporation would raise funds from the capital market to finance seven new oil and gas projects in the country.
In his keynote address at the ongoing Nigerian Oil and Gas Conference and Exhibition in Abuja, titled: Driving Nigeria’s Oil & Gas Industry Towards Sustained Economic Development and Growth, Baru listed the projects to inlcude NNPC/Nigeria Agip Oil Company Joint Venture Idu-Re-development and South Gas Project.
Others, he said are the North Gas Project, Central Gas Project, NNPC/Total Exploration and Production Nigeria JV’s Ikike Project, NNPC/Shell Petroleum Development Company JV Southern Swamp and Associated Gas Solution Step 2 Project.
He added that the NNPC was on the verge of concluding the Bonga South West/Aparo, BSWA, project with Shell Nigeria Exploration and Production Company, SNEPCO, pending the resolution of certain disputes with its partners.
The NNPC chief said: “We intend to sanction the multibillion US dollars Bonga South West/Aparo (BSWA) project as soon as we conclude an agreement on the Heads of Terms with SNEPCO on the various pending PSC Arbitration disputes. This will jump start the resolution of all the other PSC Arbitration Disputes.”
Also speaking at the conference, the Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammad Barkindo, insisted that both low and high crude oil prices have negative effects for both oil producing countries as well as consumers.
According to him, extreme volatility in the crude oil market has very negative consequences for consumers and producers.
He said: “Low oil prices are bad for producers today and create situations that are bad for consumers tomorrow. And high oil prices are bad for consumers today and lead to situations that are bad for producers tomorrow.”