OpeOluwani Akintayo 18 July 2017, Sweetcrude, Lagos – International Oil Companies, IOCs, operating in Nigeria have cut back on Capital Expenditures in the sector by about 20 percent.
General Manager, Downstream Gas, Chevron Nigeria/Mid-Africa, Mr James Okeke, revealed this at the on-going Advanced Writing and Reporting Skills, A.W.Are.S, 2017, organised by the company for journalists in Nigeria.
According to him, for the past 15 years, the country has been engaging in just production without new capital investment.
He said the oil and gas sector in the country has mainly been witnessing reselling of investments and facilities.
Globally, low investment in capital projects has been blamed on falling crude oil prices due to glut in the market.
Crude oil prices began their journey downwards from about $140 per barrels in 2014 to $48.62 per barrel on Tuesday.
At present, the Organisation for Petroleum Exporting Countries, OPEC, and Non-OPEC producers, have been meeting to find a way forward to the crises which has affected development, especially in oil-reliant economies like Nigeria.