The Minister of State for Petroleum Resources, Ibe Kachikwu has tasked indigenous operators to step up their investments and take over major operations from international oil companies, especially as many are already considering divesting and charting new paths. Besides, the Minister emphasised the need to double oil production to four million barrels per day as against the present daily turnover of between 1.9 to 2mbpd. According to him, changes in the global oil and gas industry are presently challenging the present exploration and investment strategies as oil is fast becoming a degenerating asset with alternative sources of energy taking over and attracting new investments. He noted that while the world is moving on from fossil fuels, Nigeria was yet to take advantage of the opportunities in the sector and design strategies to harness advantages of renewables. He therefore urged indigenous firms to take over and […]