The Group Managing Director of NNPC, Dr Maikanti Baru has disclosed that it will be shopping for about $16.5 billion to embark on several oil and gas projects lined up for execution.
He said the corporation was seeking to raise about $13 billion to $16.5 billion over the next five years for the following projects.
- Seven giant gas fields at about $7 billion to $9 billion
- Upgrade the upstream assets of its subsidiary, the Nigerian Petroleum Development Company (NPDC), with between $6 billion to $7.5 billion and
- Build gas infrastructure as well as power plants with between $9 billion dollars to $11 billion.
Here is the rest of his quote.
“By coming here to the OTC, we are not only looking out for potential investors, we are looking at partners that will deploy their cutting-edge technology that will enable us achieve the goals we have set up for ourselves,”
“In the upstream segment, NNPC plans to increase its oil reserve base to 40 billion oil barrels reserves by 2020, hence would raise upto about 16.5 billion dollars over the next five years.
“Under the gas infrastructure and power plants, there are investment opportunities ranging from nine billion dollars to 11 billion dollars. For the refineries, our plan is to rehabilitate and revamp our existing four refineries.
“When successfully rehabilitated and revamped, our plan is to upgrade their combined nameplate capacity from 445,000 barrels per day (bpd) to 700,000 bpd within the next few years. We would require investments of between five billion dollars to six billion dollars”.
Other areas where investors are needed
“the construction and laying of 897 kilometres gas pipelines which would cost between two billion dollars to three billion dollars; design, construction and operation of Western Central Processing Facility (CPF) with 2.6 billion dollars”.
Others are the design, construction and operation of Eastern CPF and construction of three power plants with generation capacity of 3,150 megawatts (MW).
Others also are construction of gas storage/Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) fillings as well as development of multi-specialist hospitals.
“The Nigerian Petroleum Industry remains by far the largest and most vibrant in Sub-Saharan Africa with lots of potentials, especially in the deep water and untapped gas resources and refining. We invite you all to come and participate in this process”, he said.