UAE To Invest In Nigeria’s Petroleum Sector - LEADERSHIP
The United Arab Emirates (UAE) has reinstated its readiness to invest in Nigeria’s petroleum sector and to facilitate high level bilateral opportunities to deepen the cooperation between both countries.
UAE Ambassador to Nigeria, Fahad Al Taffaq, gave the assurance yesterday when he visited the minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja.
In a statement signed by Alhaji Garba Deen Muhammad, the spokesman for the minister, Al Taffaq reiterated the need to deepen the existing collaboration between Nigeria and the UAE.
He promised to facilitate opportunities that would see to the creation of new projects in the short, medium and long-term for the benefit of the two countries.
The envoy commended President Muhammadu Buhari for ensuring a strong and stable oil and gas sector in Nigeria.
He further applauded the competence shown in the oil and gas industry by Sylva and the group managing director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari,.
In his response, Sylva said that 2020 remained an important year for Nigeria as the federal government proposes marginal field and major bid rounds in the sector.
He said that Nigeria values its relationship with the UAE and would continue to sustain it.
Sylva said: “2020 is an important year for Nigeria with the proposed marginal field rounds and major bid rounds.”
The minister said UAE has the financial strength to fully participate in the process.
Marginal field refers to an oil field that may not produce enough net income to make it worth developing at a given time.
However; should technical or economic conditions change, such a field may become commercial field.