FG to hands-off role in oil sector
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said there are plans by government to reduce its role in the oil sector.
Kachikwu disclosed this when he met with the Secretary of Energy of the United States, Rick Perry, on the sidelines of the 24th Africa oil week, currently holding in Cape Town, South Africa.
The Minister said under the leadership of President Muhammadu Buhari, Nigeria has set out the choices that have to be made to develop the sector.
“We have taken significant steps in achieving this through the continuous implementation of the 7 Big Wins – the Nigerian Petroleum roadmap; which focuses on stabilizing the business environment, enshrining openness and transparency, and developing and entrenching new policies and regulations,” he said.
“These laudable achievements have contributed greatly in helping Nigeria claw back from recession.”
Kachikwu also spoke on the role the government played in the “joint venture cash call payment agreement, ensuring adherence to due process in the sector, promoting accountability, encouraging sanctity of contracts and reviewing the fiscal policy”.
He said this provided incentives for investment in the sector and optimised revenues for the government.
Kachikwu added that a “comprehensive and holistic” infrastructural map, which is being developed by the ministry would be launched in December.
Perry commended Nigeria on the significant steps taken in the oil and gas industry and said the key message and thrust of the United States is to be strategic partners with the most populous nation on earth.
He pledged willingness to continue to encourage US companies to invest in Nigeria’s oil sector.
Perry also said the US would be willing to assist Nigeria with access to newer technology and skill set training to deepen Nigerian participation and production in oil and gas.