Lokpobiri urges oil companies to make investment decisions faster
Minister of State for Petroleum (Oil) Heineken Lokpobiri has urged companies to shorten the time taken to reach Final Investment Decisions, saying faster choices would help increase production. Punch Nigeria’s report does not specify the projects involved, the delays recorded or any timetable proposed by the minister.
Minister of State for Petroleum (Oil) Heineken Lokpobiri has urged oil and gas companies to shorten the time they take to reach Final Investment Decisions. Punch Nigeria reported that Lokpobiri linked faster investment decisions to increased production. The minister’s appeal was directed at companies involved in the sector, although the available material does not identify particular firms or projects.
A Final Investment Decision is the point at which an investment project receives approval to proceed. Lokpobiri’s comments indicate that he considers delays before that stage a constraint on activity in the oil and gas industry. The report does not state how long companies currently take to reach such decisions, which projects have been delayed or what production gains might follow from faster approvals.
It also does not give details of a new government measure or deadline. The minister’s stated position is that companies should reduce the time spent reaching investment decisions so that production can be boosted.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.