The Honourable Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva has unveiled his roadmap and deliverables for the oil and gas sector and has expressly sought and received the commitment of the Agencies of the Ministry of Petroleum Resources to deliver on all fronts.
H.E. Sylva listed the priority areas to include: Implementation of the reduction of Federal Government’s equity stakes in Joint Venture (JV) participation to 40 per cent, Curbing petroleum products cross border leakages, Completion of the Nigerian Gas Flare Commercialisation Programme, Increasing crude oil production to 3million barrels per day and Reducing the current cost of crude oil production by at least 5 per cent.
Other priority areas include; Aggressive promotion of the passage of the Petroleum Industry Bill (PIB); Promotion of inland basin exploration activities; Promotion of deep offshore exploration activities; Collaboration with the private sector to aggressively increase domestic refining capacity and Working assiduously to support President Muhammadu Buhari in his poise to achieving his target of raising millions of Nigerians out of poverty via job creation.
This was made known during the Next Level Strategic Retreat held yesterday in Lagos, Nigeria that had in attendance, Directors and Heads of Agencies of the Ministry of Petroleum Resources drawn from the Nigerian National Petroleum Corporation, Department of Petroleum Resources, Nigerian Content Development and Monitoring Board, Petroleum Technology Development Fund, Petroleum Products Pricing Regulatory Agency, Petroleum Equalisation Fund (Management) Board, Nigerian Nuclear Regulatory Authority and the Petroleum Training Institute.
The Heads of the Agencies would be required to collectively sign an undertaking to deliver on the set tasks and targets and execute the mandate therein even as they expressed their readiness to align with the spirit and letter behind the key priority areas and deepen Inter agencies collaboration across all tiers of the sector.
