Port Harcourt — The Minister of State for Petroleum, Chief Timipre Sylva, has announced that the passage of the Petroleum Industry Bill, PIB into law is one of the key areas of priority which the Ministry of Petroleum would pursue under his watch.
Sylva made the announcement at the just concluded 9th Practical Nigerian Content Conference and Exhibition hosted by the Nigerian Content Development and Monitoring Board, NCDMB, in Yenagoa, the Bayelsa State capital.
The Minister disclosed that other key areas of priority under his leadership include, increasing of domestic refining capacity, eradication of smuggling of PMS across the nation’s borders and reduction of the cost of crude oil production by atleast five percent, among others.
He explained that the key outcome of these key priority areas will be job creation and poverty eradication, which are the cardinal aspirations of the next level agenda of President Muhammadu Buhari’s government.
According to him, “Permit me to share with you the key areas which we will be pursuing in the Ministry of Petroleum, under my watch.
“It includes the eradication of smuggling of PMS across Nigerian borders, the completion of gas flare commercialisation programme, increase of total production output to 3million barrels per day and the reduction of the cost of crude oil production by atleast five percent.
“Other priorities include, the passage of the Petroleum Industry Bill, increase of domestic refining capacity and the implementation of the amended deep offshore and inland basin production sharing contract.”
The Minister urged oil multinationals and their Nigerian counterparts to emulate NCDMB, by engaging more local contractors, explaining that indigenous contractors have the capacity to deliver premium services.
“Ladies and gentlemen, I ask for your maximum support and collaboration to achieve this priorities and other plans would unfold in the course of time.
“Let me reassure our partners and stakeholders of our commitment to the promotion of a fair and robust business environment, for the private sector participation and growth.”