‘FG stabiles business environment in Oil and Gas industry’
The federal government said it has stabilised the business environment in the oil and gas industry and also stem the tide of decline through the unleashing the new Oil and Gas policies, to sorting out the legacy cash call problems in the upstream sector to putting in place mechanisms to address supply hiccups in the downstream sector with the refinery roadmap.
The minister of state for Petroleum, Emmanuel Ibe Kachikwu disclosed during the practical content conference in Yenogoa, Bayelsa State.
This is despite the lull that has characterised the entire value chain of the oil and gas industry for the past few years
He said steadily, the big jigsaw puzzle is falling into place and that he is already seeing signs of investments finding their ways back into our shores. “The time is therefore ripe for us to put into practice all the wonderful ideas, initiatives, and frameworks put in place to unleash the full potentials in our industry”.
According to him, government on its part, have rolled up its sleeves to put in place and implement frameworks that are beginning to deliver the type of outcomes we desire in our industry.
He informed participants at the conference that the government is about launching the Project 100, adding that the concept framework has been finalised while it target is that before the end of the year the government will launch the program.
“This is meant to be a practical demonstration of Nigerian Content in Action with the goal of shattering any glass ceiling preventing our local oil and gas entrepreneurs from coming into prominence and execute activities in the scale they have never done before”.
The government he stated wants to practicalise those wonderful propositions from Nigerians that have been held down by one bottleneck or the other. He said the Ministry of Petroleum Resources and its agencies are poised to facilitate and unblock the obstacles stopping these initiatives from propulsion.
“Therefore, for all those beautiful ideas about LPG penetration, local refining, infrastructures for security of supply and built-in redundancies, technology and automation, flares capture and utilisation, field development and several others, the time has come for true practicals”, he said.
He said the Ministry of Petroleum Resources is proud of Nigeria Content achievements, moreso that some of these achievements have stimulated other sectors like Information & Communication, Automobile, Construction and Power to adopt some of our templates in their policy formulations.
Olusola Bello