Saudi Aramco and also National Oil Company (ADNOC) are considering investing in Nigeria’s oil and gas sector, as well as within the upstream, midstream, and downstream, the head of the Nigerian National Oil Corporation (NNPC), aforesaid.
Representatives of ADNOC and NNPC are scheduled to meet and debate about the potential investments in Nigeria’s energy sector, S&P Global Platts quoted Kyari as said at an energy conference within the United Arab Emirates (UAE).
Nigeria’s state oil corporation prefers investments within the midstream sector in pipelines and processing, NNPC’s chief noted, as carried by S&P Global Platts.
Saudi is considering using Nigeria as a platform to sell fuel in that area.
Aramco and ADNOC don’t seem to be directly providing any product to the African country, which depends on fuel imports are mostly from Europe to meet its growing fuel demand.
Nigeria aims to pump the maximum amount as 4 million BPD in six years, a goal that analysts assume is also too bold for the country to attain.
At the conference within the UAE, Kyari aforesaid that African country hopes it may boost it’s boring to around 3 million BPD over consecutive 2 to 3 years. In keeping with the newest world organization figures, Nigeria’s oil production averaged 1.866 million BPD in August, up by 86,000 BPD from July.
The West state is additionally trying to OPEC’s largest producer Saudi Arabia to secure potential investments in its downstream sector. Earlier this year, the then oil and energy ministers of Nigeria and Saudi Arabia met and expressed “the robust readiness of the dominion of Saudi Arabia to sign a precise and high price note of Understanding (MoU) with Nigeria for oil sector development.