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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