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President assures of policies and reforms to grow oil sector

01 July 2015, 09:39Augustine Osayande

Abuja - President Muhammadu Buhari said his administration would undertake appropriate reforms and implement fresh policies to boost national income from oil and gas production.

He stated this at separate meetings with delegations from Exxon-Mobil and the Nigeria Liquefied Natural Gas Company (NLNG).

The President listed the removal of bureaucratic bottlenecks created by multiple government agencies that currently impede the operations of companies in the oil and gas sector as one of the reforms to be undertaken by his administration.

He said that his government would also give priority attention to the security of oil and gas installations as well as maritime security in its bid to boost national earnings from the sector.

“It is the responsibility of the Federal Government to secure the environment. The vandalism of oil installations and pipelines, piracy, oil theft and the fall in the international price of oil have made our economic situation very disturbing. This government will do all within its powers to secure the environment and encourage more investments in the oil sector” Buhari said.

Also Read: Buhari may not appoint ministers until September

Buhari added that his administration would ensure that Nigeria's oil and gas industry quickly becomes more globally competitive.

He assured the NLNG delegation of his administration's full support for plans to expand the total production capacity of the company and regretted that political squabbles and interference in the past had prevented it from attaining its full potential.

“We are celebrating six trains. It could have been 12 trains if all had gone according to plan” he said.

The Managing Director of NLNG Babs Omotowa requested the President’s support for Train 7 of the NLNG, which, he said would create additional 18
000 construction jobs and significant revenue to government when operational.

He also asked for the President’s intervention in reducing the number of multiple government agencies around the plant that had made its business uncompetitive.

- CAJ News


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