17 November 2016, Sweetcrude, Abuja – The Ministry of Petroleum Resources has announced that the Draft National Oil and Gas Policy it recently developed will be presented to President Muhammadu Buhari at the Federal Executive Council (FEC) meeting next week.
That will be after ongoing consultations on the two documents have been completed and relevant views factored in them within the next couple of days.
Speaking at the two-day stakeholders’ consultation forum on the draft oil and gas policies on Wednesday in Abuja, Mr. Gbite Adeniji, who is the Senior Technical Adviser to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed that when ratified and it comes into law, the final document would be binding on all.
He explained that those to be affected include government, operators, investors and all stakeholders in Nigeria’s oil and gas sector.
He also stated that a new policy document addressing fiscal issues in the petroleum industry would soon be drawn up and presented to stakeholders with the aim of the addressing the thorny issues surrounding fiscals.
Adeniji explained that the last petroleum policy which was approved in 2006, reflects the fact that Nigeria was in a completely new phase in the global oil industry.
He noted that the policy was due to be reviewed to reflect current trends.
Adeniji also lamented that Nigeria was not prepared for the headwinds brought about by the volatility in the global petroleum industry due to the absence of a clear cut policy and lack of coordination between government and investors.