The Minister of State for Petroleum Resources, Timipre Sylva on Friday listed the priority areas the ministry and other departments and agencies under him would focus on.
The areas include ensuring the execution of the reduction of Federal Government’s equity stakes in joint venture participation to 40 per cent as well as curbing petroleum products cross border leakages.
Also listed as the ministry’s priorities include the completion of gas flare commercialisation, increasing crude oil production to three million barrels per day and effecting reduction in the cost of crude oil production by at least five per cent.
A statement issued by the Nigerian National Petroleum Corporation (NNPC) group general manager, group public affairs division, Ndu Ughamadu said the minister stated this in his presentation at the commencement of a two-day retreat of the minister for directors of the Federal Ministry of Petroleum Resources and heads of agencies under his purview.
Ughamadu added that other priority areas listed by the minister included promotion of passage of the Petroleum Industry Bill, promotion of inland basin exploration activities, promotion of deep offshore exploration activities and collaboration with the private sector to increase domestic refining capacity.
He said that Sylva, had also at the event, told heads of the agencies that at end of the retreat, they would be required to collectively sign an undertaken to deliver on the set tasks and targets, adding that they must execute the mandate with all the seriousness it deserved.
According to the statement, the group managing director, NNPC, Mele Kyari has assured of the readiness of the corporation to align with the spirit and letter behind the key priorities areas.
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