The Minister of Petroleum (Oil), Heineken Lokpobiri, has said the country is expecting an impressive sum of $50 billion in investment in the oil sector.
The Minister stated that the country has already increased production from 1 million barrels per day to 1.
5 million barrels per day and is now aiming to boost it even further.
According to him, the reforms in the oil sector are primarily driven by President Tinubu’s support, which has enabled both the International Oil Companies (IOCs) and the Indigenous Petroleum Producers Group (IPPGs) to collaborate harmoniously.
“With $50 billion in investments expected, it is evident that our efforts to attract more investment and promote divestment in the oil sector, aimed at ramping up production, are yielding results.
Achieving this has required significant investment from International Oil Companies (IOCs) and Indigenous Petroleum Producers Group (IPPGs), and we are working harmoniously.
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