The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has assured that two of the refineries may be revived by the end of December.
In a statement issued by the Nigerian National Petroleum Corporation (NNPC) Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe on Wednesday, disclosed that from available reports two of the refineries may be re-streamed before the end of December, 2015.
According to Alegbe, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has expressed his readiness to work closely with the National Assembly to ensure the speedy growth and development of the Nigerian oil and gas sector for the benefit of Nigerians and the entire country.
In a presentation titled: ‘The Roadmap for Nigeria’s Oil and Gas Sector,’ Dr. Kachikwu noted that the average national oil production as at July 2015 stood at 2.1 million barrels per day and the Nigerian Petroleum Development Company (NPDC) equity production is 99,000 barrels per day.
He said the declining Joint Venture reserves were due to inadequate and low investment in the oil assets, stressing that the issue of funding constraints must be addressed going forward with the collaboration of private and international investors.
The minister said that the average gas to power generation is about 3,000 megawatts and domestic gas supply of one billion standard cubic feet (scf) with the contribution of 600 million standard cubic feet from NPDC.
He stressed that the new agenda for the Oil and Gas Industry is centered on having the right people, doing the right things, at the right time, for the right purpose to yield the right results.
Kachikwu said he was obliged to cancel the Offshore Processing Agreements (OPAs), crude-for-products-exchange arrangement (popularly known swap) and other unprofitable product and crude arrangements all in a bid to avoid rent seekers and add value to the Nigerian hydrocarbon resources.
On the downstream sector, Kachikwu advocates for the introduction of a private sector model that would reinvigorate the efficient supply and distribution of petroleum products especially in the area of pipeline assets.
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