*Photo: Mr Bala Wunti*
Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Mr Bala Wunti
The Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Mr Bala Wunti on Wednesday said that a whopping sum of $18bn would be invested between now and next year in the Nigeria’s oil and gas sector.
Wunti s aid this while speaking during a panel session at the 22nd edition of the NOG Energy week holding in Abuja.
The panel session had as its theme, “The investors perspective: Assessing the attractiveness of Nigeria’s energy sector.”
Wunti attended the session with the Chief Executive Officer of Seplat Roger Brown; the Managing Director of Shell Nigeria Exploration and Production Company Ltd, Elohor Aiboni; Chief Executive Officer of Oilserve Limited Emeka Okwuosa and the Founding Partner Argentil Capital Partners Olumide Ofunfowora.
Discussions on the panel centred around the barriers that currently exist to investing in Nigeria’s energy market and how can the investor’s confidence be strengthened; the fiscal policies required to attract investment into Nigeria’s energy sector beyond hydrocarbons; and the necessary enablers needed for attracting investment into the upstream sector.
Panelists also discussed the funding options available for non-associated gas production and what impact has the Petroleum Industry Act had on the investors’ appetite?
Speaking on the investment opportunities in the oil and gas sector, Wunti stated that the drive to broaden local content and develop capacity in the upstream industry is non-negotiable.
He urged all stakeholders not to relent as the opportunities abound, and many more are lined up with an expected uptake in drilling activities, demand for line pipes, and consumables essential for growing production output.
Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Mr Bala Wunti
He said economic and social benefits will accrue to the nation for every incremental barrel of production as the industry is central to the Nigerian economy.