Petroleum: Nigeria draws new roadmap

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu on Thursday in Abuja said that the new road map for the oil and gas sector tagged `7 Big Win ‘ will bring about massive development in the sector.

The Minister at the Launch of the programme said that the major focus of the road map would be on Niger Delta and security.

The programme 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 well protected environment.

“The ongoing reform in the sector presents a new dawn for Africa and we are excited about it.

“It shall provide 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 increase 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 road-map 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 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 road-map would be to upgrade the nations refineries and increase local production capacity with the objectives to reduce importation of petroleum production by 60 per cent 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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