Abuja — The Nigeria Government, yesterday, promised to attain Final Investment Decisions, FID, on at least four key projects within the nation’s oil and gas industry by the end of last quarter this year.
In a statement issued on his behalf by the Nigerian National Petroleum Corporation, NNPC, Minister of State for Petroleum Resources, Mr. Timipre Sylva, said the current administration aimed to bequeath a vibrant petroleum industry which shall guarantee long term strategic investments and prosperity for Nigerians.
He said, “My plan is to ensure that during my tenure, four Final Investment Decisions, FID, are taken. I am sure that within the next quarter, we should be able to conclude on some of these FIDs so as to grow the industry.”
Sylva also highlighted gas development as part of government priority to fast track the industrialization drive of the country.
“As you are aware, we are focusing on the Ajaokuta-Kaduna-Kano, AKK, pipeline project which will address some of our power issues and encourage the setting up of local industries and businesses along different areas in Nigeria,” he noted.
Sylva also shed more light on the imperative of rehabilitating the nation’s refineries, saying that it was unsustainable for Nigeria to continue to import petroleum products.
He described crude oil theft as intractable, Sylva adding that government was looking at practicable solutions to the menace.
The minister maintained that government was also looking at the issue of reducing the cost of production through robust engagement with the International Oil Companies (IOCs) towards getting best value for all stakeholders.
According to him, Nigeria needed to lend its voice to global energy fora as they remain some of the best platforms where major decisions that impact the global energy landscape are taken.
He further stated that while private investment in the refining sector is encouraged, government should focus more on the repair of its existing refineries.
“People are talking about modular refineries, we know that modular refineries are part of the solution but they can only be part of the solution and not the solutions themselves. So, we are going to try to encourage modular refineries but before that, we are going to really focus on repairing the existing refineries to ensure that we are back on stream very shortly,” Sylva added.