President Muhammadu Buhari’s overall plan for Nigeria’s oil and gas sector for the next four years was on Wednesday made known by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.
Kachikwu who doubles as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said in Abuja that the government would pay more attention to increasing Nigeria’s crude oil and gas production within this period to earn more revenue from there.
– Petroleum Industry Bill (PIB) which has remained dormant for years would be revived and represented to the National Assembly, albeit with new or reviewed terms.
– The ministry of petroleum resources would have to imbibe new operational character that is in line with standard practices.
– Following of due process
– A clear and transparent ministry
– To look at how to cut costs, how to meet federation accounts requirements, how to put controls to block leakages, how to create new income streams and new investments.
– Gas development – concentrate on distributing stranded gas in the country by getting key partners
– Work on refineries and make sure they are up to standard.
– Analyse the country’s total fuel consumption in a day with a view to reviewing NNPC’s domestic crude oil allocation which currently stands at 442,000 barrel a per day.
– Prompt payment of oil marketers