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Nigerian Govt to attract $17.64bn inflow from oil & gas projects in five years

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The Nigerian government says the country is expected to attract $17.64 billion from 51 approved field development plans between 2022 and 2023.

The Chief Executive Officer of Nigeria Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, disclosed this at the 7th Nigeria International Energy Summit in Abuja on Thursday.

According to him, these projects, which span the nation, mark a pivotal moment for the sector, promising substantial economic benefits and enhanced production capabilities.

He added that the projects, if executed, would deliver gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet.

“A total of 51 Field Development Plans (were) approved in the year 2022 – 2023, expected to attract a total $17.64 billion investment inflow as well as deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the next five years”, he said.

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