“The council gave him a matching order that this fuel scarcity should not last beyond this weekend and they are going to work very hard to ensure that it is curtailed. He assured council that there is actually no cause for alarm.”
Browsing: Dr. Emmanuel Ibe Kachikwu
It is expected that a decision will be reached before the end of the year as three companies who would receive 70,000 barrels per day of crude are the target.
Kachikwu said the new policy, which has been approved by the Federal Executive Council, will create a market-driven oil and gas industry, maximise the production and processing of hydrocarbons, and move the country away from oil as a source of income to oil as a fuel for economic growth.
“We discover oil everyday and we explore it and if we calculate the overall oil revenue projection for 2018, it is almost 60 per cent, so we need to expand the frontiers of oil anywhere we find it in the country.”
Stakeholders remain divided about the wisdom in the continued search for hydrocarbon resources in the north, especially as billion has already been sunk without making a commercial find.
He said establishment of the refineries was private sector driven and the designs, analysis and engineering work for three of the refineries had been done.
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“Unfortunately, the lawmakers have been slated to have an engagement with the Presidency today. Thus, the dinner has been called off.”
“We are putting together an IT platform that will enable us do this. We are working with DPR and hopefully, by 2019 the issues of whether we could not account for our crudes will no longer occur.”
He further stated that the United States Government has a high level of respect for the people of Nigeria and pledged willingness to continue to encourage US companies to invest in Nigeria’s oil sector.
