FG launches new roadmap for Oil and Gas Sector

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FG launches new roadmap for Oil and Gas Sector

The Ministry of Petroleum Resources, on Thursday 27 Oct 2016, launched a road-map tagged “7 Big Wins” for the oil and gas sector.

The Ministry of Petroleum Resources, on Thursday 27 Oct 2016, launched a roadmap tagged “7 Big Wins” for the oil and gas sector. The major focus of the roadmap is to address the following 7 industry issues:

1.    Niger Delta and security

2.    Policy and regulations

3.    Business environment as well as investment drive

4.    Transparency and efficiency

5.    Stakeholder management and international coordination

6.    Gas revolution

7.    Refinery and local production capacity

The anticipated gains from the 7 Big Wins are:     

1.    Improved security and environmental safety

2.    Robust fiscal policy and instrument

3.    Increased oil production (target is 2.8 – 3million barrels per day)

4.    Efficient and transparent parastatals and institutions driven by profitability and accountability

5.    Upgraded refineries

6.    Reduced importation petroleum products (target is to achieve 60% reduction by 2018)

Become net exporter of petroleum products and value added petrochemicals by 2019

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