FG To Fight Oil Theft, Deliver  Four FIDs

Yemisi Izuora 

The Federal Government has revealed plans to deliver Final Investment Decisions (FIDs) on at least four key projects within the nation’s oil and gas industry by the end of last quarter this year.

President Muhammadu Buhari  gave the assurance  while speaking at the ongoing 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates, yesterday.

Buhari who was represented by Minister of State for Petroleum Resources, Chief Timipreye Sylva, said his vision was to bequeath a vibrant petroleum industry which shall guarantee long term strategic investments and prosperity for Nigerians.

“My plan is to ensure that during my tenure, four Final Investment Decisions (FIDs) are taken. I am sure that within the next quarter, we should be able to conclude on some of these FIDs so as to grow the industry,” the president  stated.

President Buhari also highlighted gas development as part of government priority to fast track the industrialization drive of the country.

“As you are aware, we are focusing on the Ajaokuta-Kaduna-Kano (AKK) pipeline project which will address some of our power issues and encourage the setting up of local industries and businesses along different areas in Nigeria.”

He also shed more light on the imperative of rehabilitating the nation’s refineries, saying that it was unsustainable for Nigeria to continue to import petroleum products.

Buhari, further stated that while private investment in the refining sector is encouraged, Government should focus more on the repair of its existing refineries.

“People are talking about modular refineries, we know that modular refineries are part of the solution but they can only be part of the solution and not the solutions themselves. So, we are going to try to encourage modular refineries but before that, we are going to really focus on repairing the existing refineries to ensure that we are back on stream very shortly,” Sylva added.

READ  CBN Reintroduces Cash Handling Fees 

Describing crude oil theft as “intractable”, the president said government was looking at practicable solutions to the menace.

He maintained that government was also looking at the issue of reducing the cost of production through robust engagement with the International Oil Companies (IOCs) towards getting best value for all stakeholders.

According to the president, Nigeria needed to lend its voice to global energy fora as they remain some of the best platforms where major decisions that impact the global energy landscape are taken.

Add Comment