NNPCL's Mele Kyari attracts €500m investment in Ubeta Field under PIA, but deep-water oil field investments stagnate due to high fiscal regimes.

Mallam Mele Kyari's leadership at NNPCL has brought in €500m investments in the Ubeta Field project, following the Petroleum Industry Act (PIA) in 2021. However, investment in Nigeria's deep-water oil fields is stagnant due to high fiscal regimes, increased levies, and contractor exits. Experts believe high fiscal regimes make it difficult to attract new investments, leading to high operating costs and a lack of competitiveness in the industry.

July 05, 2024
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