The United Arab Emirates (UAE) Ambassador to Nigeria Fahad Al Taffaq on Wednesday lauded a “strong and stable” oil and gas sector in the country, and commended President Muhammadu Buhari for his great leadership.
Mr. Buhari doubles as Minister of Petroleum and President of the Federal Republic of Nigeria, while Mr. Timipre Sylva is the Minister of State for Petroleum Resources.
The News Agency of Nigeria (NAN) quoted Garba Deen Muhammad, the spokesman for the minister, as saying in a statement that Al Taffaq particularly lauded “the agile leadership” of President Buhari in stabilizing the oil and gas sector.
He made his remarks when he visited Mr. Sylva in Abuja, the Nigerian capital.
Mr. Al Taffaq also praised Mr. Sylva for his “competence” as Minister of State for Petroleum, and extended the commendation to the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari.
Having commended all of the top oil managers in Nigeria, Al Taffaq expressed the UAE’s commitment to investing in Nigeria’s petroleum sector and promised to facilitate high level bilateral opportunities that would deepen the cooperation between both countries.
Sylva was quoted as responding that “2020 is an important year for Nigeria with the proposed marginal field rounds and major bid rounds”, adding that Nigeria values its relationship with the UAE and would continue to sustain it.
According to him, the UAE has the financial muscle to fully participate in the process.
NAN explained that “marginal Field refers to an oil field that may not produce enough net income to make it worth developing at a given time. However; should technical or economic conditions change, such a field may become commercial field. It is usually associated with small pockets of hydrocarbons that have a plateau of a few years.”