Tuesday, 4 December 2012

NNPC’s Funding Delays Threaten Nigeria’s 4mbpd Target

The Federal Government’s crude oil growth projections of 4 million barrels per day (mbpd) and reserves of 40 billion barrels may remain a mirage as multi-billion dollar oil and gas projects expected to increase output and create thousands of jobs, are said to have been bungled by the Nigerian National Petroleum Corporation (NNPC).
The projects include ExxonMobil’s Erha North and phase two of the Satellite field development project, Shell’s Bonga Southwest and North-west, the multi-billion dollar Nsikko project, Total’s Egina project and the Funiwa Gas project, some of which had been in the pipeline for more than five years.
The reluctance by the NNPC to commit to the projects has prompted interested investors to pull out, while some of the projects have been abandoned.

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