Nigerian refineries attract investment from one of world’s largest oil field services companies

A global oil and gas conglomerate, Baker Hughes, has shown interest in participating in Nigeria's forthcoming bid round for marginal oil fields.

The American company is one of the world's largest oil field services companies and operates in over 120 countries.

This is contained in a statement by the Special Adviser to the Petroleum Minister on Media and Communications, Nneamaka Okafor, according to a report by Punch.

The Chairman/President of Baker Hughes, Lorenzo Simonelli, at a meeting on the sidelines of the 28th United Nations Climate Change Conference in the United Arab Emirates, was engaged by Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil).

FG commits to transformation agenda

Simonelli expressed the oil firm's commitment to contributing to the federal government's energy transformation agenda.

In addition, he communicated its interest in working with the federal government on sustainable energy practices in line with the goals of COP28.

He said: “Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas. Therefore, whatever we can do to support to get started, I am willing to do that even now.”

Nigeria's petroleum minister noted that the investment would trigger increased oil and gas production and domestic refining of crude.

Lokpobiri stated that Nigeria now has a workable framework that guarantees a conducive environment for investment given the great opportunities and the government's favourable policies in the oil and gas sector and with the advent of the Petroleum Industry Act

Earlier, Legit.ng reported that the Managing Director of the Bank of Industry Limited pledged to finance the Waltersmith Refinery just days after the refinery commenced operations.