Karib Oil and Gas Ltd has announced plans to invest N100 billion to expand its operations within Nigeria’s energy sector.
The company said the funding will be allocated to new technologies, infrastructure upgrades and renewable energy projects.
In a statement, the Chief Executive Officer, Alafaa Kariboye-Igbo, said the investment is aimed at updating drilling processes, increasing storage capacity and incorporating sustainable energy initiatives alongside the company’s oil and gas activities.
According to the announcement, areas identified for investment include: drilling technologies designed to lower operational costs, and new storage facilities to improve supply reliability and production output, renewable energy developments intended to diversify the national energy portfolio.
Some industry observers noted that the initiative could generate employment opportunities, encourage foreign investment, and support domestic energy production.
Karib Oil and Gas has previously invested in technology upgrades.
The latest plan reflects an effort to broaden its operations and align with changing energy trends.


