Fidelity bank card banner Camano banner
New Petroleum Policy to boost development of oil and gas sector: Ministry

By Kingsley Okoye on 26/07/2017

Views: 1,076

•Petroleum Minister of State, Dr Ibe Kachikwu.
•Petroleum Minister of State, Dr Ibe Kachikwu.

The Ministry of Petroleum Resources says the new National Petroleum Policy will ultimately remove barriers affecting investment and development of the oil and gas sector in Nigeria.

A statement in Abuja on Wednesday by the Director of Press in the ministry, Mr Idang Alibi, said that the policy articulated the vision of the Federal Government for improving the petroleum sector.

The Federal Executive Council (FEC) had on July 19, approved the policy.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, had explained that the 100-page document was very comprehensive on all aspects of the oil industry.

Kachikwu had also reiterated that the ministry was pushing for a refining processing environment to move away from exporting to refining petroleum products, given the volatility in crude oil price regime.

Alibi said that the set goals and strategies inherent in the new policy would promote a level-playing field between state owned-enterprises and the private operators in the sector.

“The policy defines the strategy of the Federal Government on Nigeria’s oil resources.

“It establishes the medium to long-term targets for oil reserves growth, utilisation and strategies to be pursued to ensure the successful implementation of the policy in accordance with Nigeria’s national socio-economic development priorities.”

He said that the policy also proposed for a fundamental reforms to improve the operational efficiency and performance of Nigerian National Petroleum Corporation (NNPC).

He said that the document proposed the long-needed overhaul and modernisation of the existing petroleum industry legislation.

According to him, the policy will be reviewed and updated periodically to ensure consistency in government policy objectives at all times.

He listed the main components of the policy to include governance, comprising legal and regulatory framework; industry structure, with proposal for establishment of a new National Oil Company of Nigeria (NOCN) and restructuring of NNPC into autonomous business units.

Other components of the policy included strategies to develop resources in the upstream sub-sector, development of the midstream operations, and downstream subsectors of the industry.

He said the policy also proposed measures to develop the national human resources, the sector with emphasis on local content and export skills development.

“The policy also highlights internal and external communications strategies and roadmap  for   its implementation,” he said. (NAN).

Source News Express

Posted 26/07/2017 9:53:53 PM

 

 

CLASSIFIED ADS

 

You may also like...
EFCC docks FUTA VC, Bursar for N156m fraud...

Benue Probe: Witnesses seek protection from Ex-Gov. Suswan...

Elections: CSOs urge transparency in use of card...

SR2,000 hajj tax: Group seeks Buhari’s intervention

Alleged Tax Evasion: Court gives fresh order for...

Military operation and the persecution of innocent Muslims;...

Group seeks compensation for victims of Agip’s pipeline...

Python Dance: Ohanaeze warns Igbo youths

Osun workers resume as labour unions suspend strike...

APC governors shun Jonathan daughter’s wedding

Ebonyi records two deaths from Lassa Fever

Ex-minister implicated in $1bn illicit deals

 

Latest News Gunmen reportedly abduct 28 travellers in Ondo State Herdsmen Menace in South-East: Obiano Administration may have case to answer — Intersociety How I was raped by Ex-President — Beauty Queen Abuja pastor jailed seven years for rape, abortion Man shoots 10-month-old girl in head after her mother rejects him Why Buhari has not unveiled cabinet list — SGF Three abducted Lebanese rescued in Rivers Taraba boils again Youth Corp member stabs brother to death in Anambra Bayelsa Council Polls: APC boycotting election because of lack capacity to win — Gov Dickson 2019 polls not just imperfect but stolen — HURIWA Super Eagles set sights on Guinea in crucial AFCON group clash

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (498,627 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (427,373 views) Shameless Genevieve Nnaji exposes breasts in public (367,653 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (313,484 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (278,220 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (245,024 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (235,546 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (217,567 views) 10 cars more expensive than Jets (215,312 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (205,805 views) Lagos plane crash: Journalist releases victims’ names (185,712 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (184,788 views)

 

NNPC 2019 National Science Quiz Competition

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (94) Business & Economy (4,328) Business Verdict (75) Columnists (1,055) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (627) Features (767) Global Business Monitor (384) ICT Monitor (53) International (3,626) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (314) News (47,814) Opinion (1,268) Pidgin (17) Politics (11,070) Religion (1,033) Sports (2,052) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera