INDUSTRY experts have identified some key factors inhibiting the establishment of new petroleum refineries in the country to include corruption, poor infrastructure, oil theft and economic instability associated with Foreign exchange (Forex) volatility.

BAYWOOD Continental Limited, an indigenous and integrated oil and gas technical service company, said it is set to acquire matured oil fields from multinational oil companies in the country as part of its expansion drive in the sector.

IKEJA Electric said it has stepped up efforts against the corrupt attitude of its officers.The Electricity Distribution company said it has commenced fight which aims at curbing unethical practices across its network and also encouraging customers to report such practices.

THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has explained that the country needs an increment of at least 1billion barrels in reserves and half a million barrels in incremental production capacity per day year-on-year, for it to achieve the 40 billion barrels of crude oil reserves and meet the government’s 2020 production target of 4 million barrels per day.

THE Managing Director of Niger Delta Power Holding Company, NDPHC, Chiedu Ugbo has said more homes especially in the Northern part of the country are being targeted to benefit from the Federal Government’s Solar-Home-System programme.