19 Nov 2015

Kachikwu highlights new policy thrust for the sector

The newly appointed Minister of State for Petroleum Resources, Dr. Ibe Kachikwu stated recently that the policy thrust and focus of the Oil and Gas Industry in this dispensation, would be on discovering more oil, tapping up more gas and shoring up the revenue profile of the Federal Government from the industry, in order to boost the overall economic output of the country.

The Minister revealed this while meeting with top management of all the agencies in the Ministry after the swearing in ceremony of the Ministers at the State House in Abuja. He also used the occasion to inform that the Petroleum Industry Bill would also receive accelerated attention that would get the total support of all stakeholders.

Kachikwu promised to elevate gas infrastructure development to a high priority during his stewardship and also to work assiduously towards deepening the domestic gas market and overall development. Noting that a key strategy would be to mop up some of the stranded gas adding that a lot of energy would be deployed to Gas-to-Power, Gas-to-Industry and gas for domestic use.

He also promised to ensure that the Ministry and all its departments and agencies would focus on putting controls in place and introduce cost-cutting measures in order to increase the revenue stream of the Federal Government.

The Minister confirmed that President Muhammadu Buhari has given approval for the payment of the outstanding subsidy claims of N413 billion for the marketers revealing that a letter is being forwarded to the National Assembly for their approval for onward payment of the claims.

Earlier on, the Permanent Secretary of the Ministry, Dr. Jamila Shu’ara described Dr. Kachikwu as an intelligent technocrat who would pilot the Oil and Gas Industry to higher heights.

She expressed the readiness of all the staff of the Ministry, Departments and Agencies to give the Minister all the required support to enable him succeed in the onerous task of repositioning this very strategic sector and thereby, generating revenue for the Federal Government.