Oil and Gas

FG requests Turkey to Invest in Nigeria’s onshore oil

Rex Enabulele/Abuja

The Federal Government has requested the Turkish authorities to look at the prospect of funding major petroleum and gas projects in the country, against the backdrop of the planned exit of major International Oil Companies (IOCs).

Speaking during a bilateral meeting with the Turkish Deputy Minister of Energy and Natural Resources, Alpersen Bayraktar, on the sidelines of the ongoing CERAWeek, in Houston, Texas, Minister of State, Petroleum Resources, Timipre Sylva, said that Abuja was open to the country’s investment in Nigeria.

A number of the foreign oil companies operating in the country, especially Shell, Nigeria’s biggest partner in the industry as well as ExxonMobil, are planning to sell off many of its assets in Nigeria.

Read Also: CILT seeks equal opportunities for women in logistics, transport

The minister explained that with the planned divestments, especially from the onshore segment of the oil and gas sector, it would be worth the investment for the country.

According to him, “Now that IOCs like Shell, ExxonMobil and others are planning to divest from onshore assets. More investments in that sector would be a great opportunity for Turkey to expand its investments interest in Nigeria.”

A statement by the Senior Adviser, Media & Communications, Horatius Egua, quoted the minister as saying that “we are looking at the possibility of Turkey taking interests in more investments in Nigeria.”

He said the cooperation between Nigeria and Turkey remains very significant, stressing that the relationship could be extended to the energy sector and other areas of trade.

The minister added that with the new Petroleum Industry Act (PIA), Nigeria has further streamlined its laws in the oil and gas investment environment and thus making investments in the more attractive to potential investors.

He called on the deputy minister to encourage Turkish investors to come to Nigeria to participate in the new opportunities offered by the exit of the IOCs to consolidate the bilateral relations between both countries.

Sylva assured Bayraktar of good returns on investments in Nigeria, stressing that despite plans by the IOCs to divest from onshore assets, the companies were ramping up investments in offshore assets in the country.

He noted that this is a sign that the Nigeria investment environment is still the desired investment destination in Africa.

The minister added that he expects investors from the country to also take up investments in greenfield assets, noting that the country was prepared to engage in discussions on a government-to-government basis to achieve the desired results.

On his part, Bayraktar asked for the support of Sylva to get Turkey to be part of the Nigerian upstream oil and gas sector, adding that the country was prepared to shore up investments in the area of natural gas, given the right environment.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
A note to our visitors

This website has updated its privacy policy in compliance with changes to European Union data protection law, for all members globally. We’ve also updated our Privacy Policy to give you more information about your rights and responsibilities with respect to your privacy and personal information. Please read this to review the updates about which cookies we use and what information we collect on our site. By continuing to use this site, you are agreeing to our updated privacy policy.