Local oil firms have executed $1.6b projects for IoCs – Kachikwu

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Nigerian companies’ participation in oil and gas contracts has increased by 180 per cent from 15 Nigerian Content Compliance Certificates (NCCCs) worth $396,103,336.38 issued in 2015 to 42 NCCCs valued at $1,645,233,425.59, The Guardian reports.

The Minister of State for Petroleum, Dr. Ibe Kachikwu, who made this disclosure yesterday at the on-going Nigeria Oil and Gas (NOG) conference in Abuja, said this was only possible due to the success of the country’s local content law.

Kachikwu said daily crude oil production of Nigeria is projected to hit three million mark by 2020.He was however, quick to explain that hitting the target is dependent on getting the required investments flow in and the planned deep-water projects realised to achieve an incremental reserve of at least one billion barrels and half a million barrels in incremental production capacity per day.

 

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