At the just concluded 36th international conference and exhibition hosted by the Nigeria Association of Petroleum Explorationists (NAPE), the managing director and chief executive officer of Total exploration and production, Mr. Nicolas Terraz, said the Nigerian oil and gas industry has come a long way with new experiences and competencies and the industry has also witnessed significant growth in the participation of indigenous companies in the last two decades.
Terraz, while addressing captain of industries, key government officials at the Management Session, an interactive component of the conference said there are still many opportunities and potentials for growth in the industry yet to be exploited.
He said the government has taken concerted efforts, to promote investment in the sector and the inauguration in July 2016, of the Presidential Enabling Business Environment Council (PEBEC) to reform the business environment, has restored investors’ confidence especially in the sector. The Council was also saddled with the important task of attracting investment into Nigeria as well as diversifying the economy.
According to him, In the oil and gas sector, new rules on gas flaring are opening up opportunities in the domestic gas markets and power generation. “Of course, there are further conversations to be had on fiscal regimes in the various sectors of the Nigerian economy, but my point is that Nigeria’s economy is gradually regaining the confidence of the global investment community and opportunities are not limited to the oil and gas industry,” he said.