Minister of State for Petroleum Resources, Dr. Ibe Kachikwu
*Says two refineries may come on stream before December Ends
Chineme Okafor in Abuja
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu on
Wednesday said that the federal government decided to do away with the
country's former practices of Offshore Processing Agreements (OPAs);
crude-for-products-exchange arrangement and other unprofitable products
and crude oil arrangements because it wanted to cut off rent seekers
from benefitting from the country's oil and gas resources.
Kachikwu also explained that the ongoing reforms which the government
is undertaking in the country's oil industry are aimed at, "having the
right people doing the right things at the right time for the right
purpose, to yield the right results."
A statement from the Group General Manager, Public Affairs of the
Nigerian National Petroleum Corporation (NNPC), Ohi Alegbe in Abuja,
disclosed that the minister told members of the National Assembly that
stopping the OPAs and all others was all in a bid to avoid rent seekers
and add value to the Nigerian hydrocarbon resources.
Kachikwu who reportedly expressed his readiness to work closely with
the National Assembly to ensure the speedy growth and development of the
Nigerian oil and gas sector, also stated that from reports available to
him, two of the country's four refineries may be re-streamed before the
end of December 2015.
According to the statement, the minister explained in a presentation he
made to the legislators that the average national crude oil production
as at July 2015 stood at 2.1 million barrels per day (mbpd) with the
equity production of the Nigerian Petroleum Development Company (NPDC)
at 99,000 barrels per day (bpd).
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