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'Wrong contracting cycle threatens $100 million oilfield investments'
  • Post by Admin on sunday, March 05, 2015

A former president of the Nigerian Society of Chemical Engineers (NSCE), Dr. John Erinne, has said that over $100 million investments in the oilfield chemical sub-sector of Nigeria's oil and gas industry is under severe threat due to the country's awkward contracting cycle.

He spoke at the Second National Oil and Gas Production/Process Treatment Chemical seminar in Lagos, where he noted that the development was frustrating and had subjected the   investments to uncertainty. He added that stakeholders were rising against this major threat to business worsened by longer-than-necessary tendering cycle in the country.

He emphasised the need for government to maintain very balanced regulatory regime; workable and beneficial to all in the treatment of chemical arm of the midstream sector. He said: "You have to note that those regulations meant to protect people and businesses don't end up strangulating them. This makes you to lose the entire essence.

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