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Nigeria to Turn to Direct Cash Calls

In an effort to boost its finances Nigeria said it will seek international oil and gas investments via direct cash calls in 2016. The direct cash calls will be channeled through the country’s state-run oil and gas firm NNPC and its six multinational JVs.

The country’s Minister of State for Petroleum Resources, Ibe Kachikwu, told OPEC summit delegates in Vienna that the country also planned to introduce a new refinery model that would create a semi-autonomous system to make refineries profitable by using their own crude oil.

Kachikwu said he envisions the model to meet the country’s and the West African sub-region’s needs for petroleum products within two years.

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