The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said timely approval of field development plan is a win-win situation for both the government and investors.
Kachikwu, in his presentation at a technical symposium organised by the Society of Petroleum Engineers, Nigeria in Lagos, described the FDP as one of the fundamental criteria in the development of upstream exploration and production projects in the country.
He said, “Before a newly discovered field can be developed or a matured oilfield is to be redeveloped and its hydrocarbon produced, an FDP is required.
“It would contain a proper appraisal and valuation of the subsurface reservoir and surface facilities needed to ensure that the field is not only optimally exploited, but will also be economical to produce.”
According to the minister, the FDP is the road map for the development of any asset in the oil and gas sector.
