Chairman of Shell Development Company of Nigeria, Mr Osagie Okunbor has emphasised the need for a right investment climate to help enhance the expansion of Nigeria’s petroleum landscape.
Okunbor made the remarks while speaking at the 37th Annual International Conference and Exhibition of National Association of Petroleum Explorationists’ in Lagos where he was represented by Shell’s General Manager, Exploration, Mr Dan Agbaire.
Pointing that the development would enable the increase of Nigeria’s oil production from the current average of 2.3 million b/d to 3 million b/d, Okunbor said that the development will also boost the country’s proven oil reserves to about 40 billion barrels through further exploration and appraisal.
He said, “The right investment climate would also include strengthening our regulatory bodies, giving priorities to research and further enabling the industry’s financials.
“I believe that where the investment climate is right, digitalisation and deployment of emerging technologies will enable incremental value creation over the coming years.”