Nigeria announced that it would seek international oil and gas investments via direct cash calls in 2016 channeled through the Nigerian National Petroleum Corporation (NNPC) and its six multinational Joint Ventures (JV) in order to accommodate its lacking finances in the industry, Nigerian Minister of State for Petroleum Resources, Ibe Kachikwu, told OPEC summit delegates in Vienna, Premium Times wrote.
The JV partners include Shell Petroleum Development Company of Nigeria, SPDC; ExxonMobil Corporation; Chevron Nigeria Limited, CNL; Total Nigeria; Nigeria Agip Oil Company, NAOC; and Pan Ocean Oil Company.
According to Kachikwu, Nigeria also plans to introduce a new refinery model that would create a semi-autonomy system to make refineries profitable by using their own crude oil. The minister envisions the model to meet the country’s and West African sub-region’s needs for petroleum products within 24 months.
An NNPC’s earlier report informed that none of the three Nigerian refineries in Kaduna, Port Harcour, and Warri was functional.
In addition, Nigeria pledges to introduce a ‘Clean Nigeria after Oil’ Initiative in 2016 adopting global environmental practices in the industry.
In an attempt to boost the oil industry, Nigeria had also agreed with Angola to pursue a common solution to the dwindling oil prices that had negatively affected the two countries, Egypt Oil&Gas reported earlier.