Nigeria, others to spend $811b on oil fields


Nigeria and other countries across the world will spend $811 billion on 615 upcoming oil and gas fields in the next eight years.

Reports from Globaldata research show the money,will be expended on capital items,heavy oil, oil sands, and oil projects.

Nigeria, Mozambique, Australia, Canada, Norway, Indonesia, and UK will have a total of $298 billion averaging about 37 per cent of the total spending on the projects globally.

The Minister of State for Petroleum Resources, Ibe Kachikwu says investments in the sector is about $40 billion and the country will boost its oil and gas sector to add $100 billion in the next five years.

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