Nigeria Welcomes New Investors

Nigeria is seeking more investments in the exploration of its oil and gas resources , which are regarded as having "world-class potential", Minister of State for Petroleum Resources, Edmund Daukoru, said.

Speaking at the African Oil and Gas Forum at the weekend in Bethesda, the United States, Daukoru said: "World-class giant oil and gas fields have been found in the Niger Delta Basin and the Gulf of Guinea. So we have many open blocks available for interested investors to develop."

He said between 2005 and 2006, investment level in the country's oil and gas industry had been rising significantly, adding: "$28 billion is envisaged for the offshore sub-sector and $6.4 billion for the onshore sub-sector."

The Pan African News Agency reported the minister as saying that about $12 billion was projected in investments on natural gas development in its upstream operations, while $20.3 billion was expected to accrue from the downstream operations.