On Monday, the Federal Government encouraged the United Arab Emirates to consider investment in the restoration and revitalization of Nigeria’s aging oil pipelines, emphasizing that these facilities have exceeded their expected lifespans.
The statement also indicated that Nigeria and the UAE shared a common perspective regarding oil exploration, affirming their commitment to continue crude oil drilling despite some calls for its cessation in certain quarters.
The Minister of State for Petroleum (Oil), Heineken Lokpobiri, shared this information in Abuja when welcoming a delegation from the UAE, which was headed by the United Arab Emirates Ambassador to Nigeria, Salem Al Shamsi.
He said, “This country has enormous investment opportunities, our pipelines need renewal. They have been there for over 50 years since Nigeria found oil in commercial quantities in 1956/1958.
“And from then till now it is almost 70 years and most of those pipelines were built around that time and have already outlived their lifespans. And even if you can produce, you need to evacuate to the terminals where you would export.
“So it is an opportunity that we are looking up to potential investors from the UAE to come and invest here and recover their money through those investments.”
“Part of what we are proposing is that if you come and invest you will get your money, for as you transport the crude you’ll take it. Proportionately you’ll recover your investments, for any barrel of crude you transport through your pipes, you have to recover your investment by placing mutually agreeable charges,”
