The President of Chevron Africa and Latin America Exploration and Production, Mr. Ali Moshiri, says that total investment in Nigeria’s oil and gas industry, which stood at $20bn in 2014, has dropped by 20 percent this year.
Moshiri told the Nigerian Association of Petroleum Explorationists’ conference in Lagos on Tuesday that Nigeria accounted for $20bn out of the $600bn investment in the global oil and gas industry in 2014.
Nigeria’s Punch newspaper report quoted Moshiri as saying that Nigeria was the top producer of liquid hydrocarbon in Africa and number three in gas production, stressing, however, that the country’s number three position in gas was because of lack of infrastructure and not because of gas resources.
He noted that Nigeria has more gas resources to make it number three or four in the world, but added that the challenge militating against the realisation of this position was gas infrastructure deficit.
According to him, Nigeria has tremendous capacity and resources to produce far above two million barrels of crude oil per day, but added that much investments would be required.
Moshiri said about $20bn in investment would be required yearly for the country to increase its current production levels.