Petroleum: Nigeria draws new Roadmap

By October 28, 2016 Investment News

The Minister at the Launch of the program said that the major focus of the roadmap would be on Niger Delta and security. The program would also focus on Policy and Regulations, Business environment as well as investment drive.

Others include Transparency and Efficiency, stakeholder Management and International coordination, Gas revolution and refinery and local production capacity. “The 7 Big Wins expected to  grow the Nigerian Oil and Gas Industry is aimed at developing a stable and enabling oil and gas landscape with improved transparency, efficiency, stable investment climate and

“The 7 Big Wins expected to  grow the Nigerian Oil and Gas Industry is aimed at developing a stable and enabling oil and gas landscape with improved transparency, efficiency, stable investment climate and well-protected environment. “The ongoing reform in the sector presents a new dawn for Africa and we are excited about it. “It shall provide a huge investment opportunity in infrastructure development, oil and gas facilities , operations and maintenance across the oil and gas value change,’’ he said According to him, the effort requires innovative thinking, new ideas, technology, and partnership among various stakeholders.

On major issues such as Niger Delta and security, he said the road map would focus majorly on improving security and ensuring environmental safety in the oil producing areas in Nigeria. This, he said would go a long way to increasing the National Crude oil production as well as attract the much-needed investment and infrastructure development in the region. Kachikwu noted that reviewing oil and moribund policies, gazetting new ones and entrenching robust fiscal instrument were also key in achieving the road map.

“The roadmap provides a workable plan which will ensure that adequate infrastructure is put in place to ramp up National crude oil production to a target of about 2.8 to 3 million barrel per day. “Restructuring and revamping of the parastatals by instituting transparency and efficiency at all level of operation will enable us to drive profitability and accountability.

Kachikwu further said that deploying a potent communication strategy, building and maintaining robust relationships with stakeholders within and outside the petroleum producing communities would help the sector meet its target. He added that another major focus of the roadmap would be to upgrade the nation’s refineries and increase local production capacity with the objectives to reduce importation of petroleum production by 60 percent in 2018. The minister said that the country was expected to be a net exporter of petroleum products and value-added petrochemicals by 2019.

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