… As VP charges stakeholders to agree on means to effect largest oil production at cheaper costs
The Vice President of the Federation, Professor Yemi Osinbajo has charged stakeholders in the oil and gas industry to agree on the means to produce the largest oil volume at cheaper costs.
During a consultation with stakeholders in the industry under the auspices of the Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG) at a virtual meeting on the Petroleum Industry Bill (PIB).
The Vice President, charged the stakeholders that they:
“need to agree on terms that will give us a more competitive environment. We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.”
He further stressed the need for the stakeholders to improve the production of gas for the benefit of Nigerians.
“the other point is that of gas. To sound the question of reconciling and maintaining our domestic gas obligation, and at the same time improving the gas environment in such a way that we are able to benefit maximally from it as a business and government,” he said.
“I like the concept that gas should be an enabler for quick development and I think that we must reach some kind of balance with this, especially with this question around domestic gas obligation. I would like OPTS and IPPG to look more carefully and see in what ways we can come to some agreements as to how it should be done,” Osinbajo added.
The virtual meeting was an avenue for the stakeholders in the Oil and gas industry and the government to work together to device feasible means to effect the viable transformations in the PIB.
The New PIB was presented by President Muhammad Buhari. Its central aim is to foster sustainable development in Nigeria’s oil and gas industry.
Present at the virtual meeting include the Chairman and Managing Director of ExxonMobil in Nigeria, Mr Laing Richard; the Chairman of Chevron Nigeria Limited, Mr Rick Kennedy; and the Chairman of IPPG, Mr Ademola Adeyemi-Bero, among others.