Wednesday 24th October 2018
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Agip may grow Niger Delta investments due to improved security

The Chief Operating Officer, Upstream, Eni, Nigerian Agip Oil Company (NAOC), Mr Antonio Vella, says the company is considering doubling investments in the Niger Delta region due to improved security.

Antonio Vella

Chief Operating Officer, Upstream, Eni, Nigerian Agip Oil Company (NAOC), Antonio Vella

Vella said this on Tuesday, July 31, 2018 in Abuja in a statement issued by the Spokesman of the Nigerian National Petroleum Corporation (NNPC), Mr Ndu Ughamadu.

According to him, the improved security situation in the Niger Delta has rubbed off positively on the operations of international oil companies operating in the region.

Commending the Federal Government and NNPC, he said the prevailing peace and security in the region had increased investors’ confidence in Nigeria’s petroleum industry.

He said NAOC was considering doubling its investment in the country.

“The steps the Group managing director has taken have greatly improved security in our area of operations.

“That is very important to us as it has given us confidence to come back strongly and raise oil and gas production and that is what we are doing.

“We are increasing our budget in Nigeria because we have confidence in Dr Baru and the entire system,’’ Vella said.

He said that NAOC was redoubling efforts on the ongoing expansion of the Okpai Independent Power and the Zabazaba Projects to achieve early completion because of the improved operating environment.

According to him, the Okpai IPP expansion will be completed by the second quarter of 2019 and will raise the power generating capacity of the plant by more than 50 per cent.

The statement quoted Baru as saying “the management is focused on making the operating environment safe and conducive for more investors to come in’’.

He expressed optimism that the increase in production achieved by Agip would boost the nation’s chances of meeting production and reserve targets.

By Yetunde Bada