FG Sets $1billion For Upgrade Of Country’s Inland Revenues, Basins

The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, said yesterday that the Federal Government has earmarked about one billion dollars to boost the nation’s inland revenues and potential basins in the next four years.

Alison-Madueke made the disclosure in her welcome address entitled, “State of the Nigerian Oil and Gas Industry’’ at the opening of the 2012 Nigerian Oil and Gas (NOG) conference in Abuja.

The minister said the oil and gas industry would ensure that more investment was made in the country’s Inland Revenue and basins with more emphasis on the Chad basin.

She said that government had set aside about one billion dollars for data collection, data analysis, drilling and other seismic activities over the next four years.

“We are presently focusing deeply into investing in the country’s inland revenues and basins in the next four years time.

Alison-Madueke said the oil and gas sector had witnessed renewed improvement under the leadership of President GoodLuck Jonathan, adding that upstream subsector of the nation’s actual crude oil and condensate are ranging to an average of 2.39 million barrels per day (bpd).