By Ejekwu Chidiebere
From the standpoint of Ronald Adams, SNEPCo’s Managing Director, Nigeria’s deep-water fields hold vast and untapped resources capable of playing greater role in stabilizing the country future economically while supporting its drive for cleaner energy.
Outlining the key opportunities Ronald said that Nigeria’s deep-water fields are home to some of the world’s most promising associated and non-associated gas reserves. Disclosing that Shell has even announced a $5 billion investment in the Bonga North offshore project, as well as an additional $1 billion over the next 5 to 10 years in gas and LNG projects.
On the prospects for growth, Ronald Adams said that with the right conditions, Nigeria can meet its oil production targets as well as implement its ambitious development programs through effective engagement in deep-water oil and gas operations.
And conditions for success Ronald explained would among others include provision of a favorable Investment climate, conducive environment to attract investment and thus the necessary capital and innovation for gas resources development, and in a more responsible and sustainable manner. He also reiterated the need for Nigeria to address regulatory all the regulatory bottlenecks through faster approval processes and consistent policy enforcement. And fiscal and regulatory policies must be “fit-for-purpose, forward-looking, and competitive to attract investments.”