Rising oil price will encourage investment – NNPC

27 February 2015, Abuja – The Nigerian National Petroleum Corporation (NNPC) has expressed satisfaction with the recovery of OIL PRICES, even if the corporation’s comment is premature.

The corporation hopes that the changes noticed in the oil price recently would further encourage investment in the oil and gas sector. Oil price in the international market last week indicated sign of improvement selling above $60 per barrel.

The NNPC also said it would steadily improve on the local content investment in oil and gas equipment fabrication in Nigeria.

The Group Executive Director, Engineering and Technology, NNPC, Mr. Adebayo Ibirogba, who spoke with the News Agency of Nigeria (NAN), said after an official visit to KAZTEC Engineering Fabrication yard in Snake Island in Lagos, that investing in local content would give advantage to local fabricators.

Ibirogba added that government would ensure total encouragement to investors who want to invest locally.

He said the government had promised its continuous support and encouragement to local fabricators in order for it to engage in more positive and creative initiatives towards meeting the local content objective and targets.

According to him, NNPC had been at the forefront of those supporting and encouraging the attainment of the local content target for the industry, as it has done for other sectors.

“This was in line with the Vision 2020 focus of President Goodluck Jonathan administration.

Multinational oil companies should also demonstrate the capacity and workable strategies for achieving and sustaining the local content target,” he said.

Ibirogba said government is determined to promote the rapid diversification and industrialization of the Nigerian economy adding, “this is quite an interesting investment done by KAZTEC to boost the transformation agenda of the president as regard the oil and gas sector.

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