The Federal Government of Nigeria has said that its fiscal provisions in the Petroleum Industry Bill for gas business would be one of the most attractive in Africa.
The Vice President, Prof Yemi Osinbajo made this known on Tuesday at the opening ceremony of the 38th International Conference of Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
Themed “Accelerating Growth in Nigeria’s Hydrocarbon Reserves: Emerging Concept, Challenges and Opportunities” the annual conference held virtually.
The Vice President who was represented by the Minister of State for Petroleum Resource, Chief Timipre Sylva said that Nigeria’s effort to grow its reserves has seen it propose striking fiscal incentives that will attract more investment into the country’s hydrocarbon space.
Osinbajo restated Nigeria’s committed to growing her reserve base to at least 40billion barrels in crude oil as well as the production base to three million barrels per day.
He said, “In order to grow our reserves, we have proposed fiscal incentives that will attract investments in our basins in the Petroleum Industry Bill (PIB).
“In addition, the fiscal provisions for gas businesses will be one of the most attractive in Africa. He, therefore, noted that opportunities abound for geoscientists, engineers and numerous other service providers to tap into in the shortest time to come.
Speaking further, the Vice President stated that in addition to fiscal provisions, research and development, effective synergy and collaboration amongst stakeholders are essential in growing the nation’s oil reserves.
He said, “In order to significantly grow our hydrocarbon resources, we need to invest in research and development so as to support the industry.
“We need effective synergy and collaboration amongst policy makers, academic institutions, professional bodies, oil and gas industry players and research and development centers to come up with innovative ideas and technologies for cost effective exploratory and drilling activities.
By Peace Obi