With over 4 months since the launch of the “7 Big Wins Roadmap” for the Nigerian Oil and Gas sector, the Federal Government has reassured stakeholders of its commitment to its implementation for the sustainable economic development.
The Minister of State for Petroleum Resources Dr. Emmanuel Ibe Kachikwu gave the assurance at the Nigeria-British Chamber of Commerce Oil and Gas Roundtable, which focused on the theme “The Nigerian Oil & Gas Industry: Confronting Realities”.
Dr Kachikwu who was represented by the Acting Permanent Secretary of the Ministry Mr John Eboigbe , asserted that through the 7 Big Wins Roadmap, the Federal Government is exploring ways to deepen the Oil & Gas sector.
Key areas of priority for the roadmap , according to the Minister include; Policy & Regulation, Business and Investment Drive, Gas Revolution, Refineries and Local Production Capacity, Niger Delta and Security, Transparency & Efficiency and Stakeholder management and International coordination.
In the area of Policy & Regulation, Dr Kachikwu said the Ministry had already developed a new Oil, Gas and Fiscal policy, which will be gazetted when the Federal Executive Council endorses them.
Looking at the Business and Investment drive, the Minister of State informed stakeholders that the key target for 2017 was to raise $5bl in the short and $15 to $20bl in the mid-term (2018-2021)
The Minister further stated that he had directed all the contract approving entities (NCDMB, NAPIMS and the IOCs) to come up with a streamlined procedure that will reduce the contract period to an average of 6 months.
On the Refineries , the plan from the roadmap is to refurbish the existing ones within 2 years with private investments, while licensing specialty based refineries, modular and co-related refineries.
For the Niger-Delta, Kachikwu asserted that through the efforts and commitment of the President and Vice-President , the Inter-Ministerial Committee is working out a holistic development plan for the region.
He said the target was a 90% reduction of major incidences that could affect production in the region by 2018.
Giving his opening remarks the President of Nigeria-British Chamber of Commerce who formally inaugurated the Oil & Gas trade group at the event, believed the group will play a major role in contributing to the shaping of a sustainable oil and gas industry in the country.
Chairperson of the group Dr(Hajiya) A. Abdur called for a predictable and stable Oil & Gas policy framework, which will attract strategic investments into the sector.