Nigeria to spend $811b in oil and gas

Nigeria to spend $811b in oil and gas. Emerging report has it that Nigeria in collaboration with other countries will have to spend a total of $811 in oil and gas sector of the economy within the next eight years for sustainability according to Global data and analytic firm.

According the report, the money will be used to undertake capital projects inn the sector ranging from, heavy oil, conventional oil, oil sands and other like projects.

Averaging about 37 percent of the total budgeted spending areNigeria, Mozambique, Australia, Canada, Norway, Indonesia and UK. With a total contribution of $298 billion for the project.

According to the Minister of state for Petroleum Resources,Ibe Kachikwu:

“The investment will be targeted at gas, gas infrastructure, replacement of existing dilapidated pipelines, which will be carried out by private sector investment.”

Generally the industry across the globe will spend $352 billion on conventional oil, $44 billion for heavy oil, $43.4 billion for oil sands and $30 billion for unconventional oil.

Conventional gas project will cost $363.2 billion, coal bed methane and unconventional gas takes $3.7 billion while upstream takes $1.6 billion.

U.S.A, will spend $75 billion with 37 percent planned fields, which comprises of deep water, mad dog phase 2, shallower smith Bay and onshore.

Brazil will take $76.7 billion averaging 9.5 percent of the spending.

Russia planned $72.6 billion which indicates 9 percent of the spending.

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