Minister of Petroleum Resources, Deizani Alison-Madueke has identified the passage of the Nigerian Local Content Act and the substantial progress made so far on the Petroleum Industry Bill (PIB) has two policies that have the potential of ensuring openness, efficiency and increased local involvement in the nation and gas sector.
The minister who was represented by the Permanent Secretary of the ministry, Goni Musa Sheikh stated this in a speech she delivered at the Ebok FSO Naming and Sail Away ceremony which held at the Yulian Shipyard in China recently.
She stressed that the PIB will create the structures required to allow government and private sector partnerships to access local and international funds.
In addition, it will “open up new opportunities for local indigenous companies to participate more actively in the upstream sector. We are also liberalising the sector while ensuring maximum value for the Nigerian nation and its people”, she added.
She said that the Federal Government is seeking a structure that provides a balance for all interests to continue and increase investment levels.
The minister acknowledged that Nigeria has witnessed tremendous investments in our oil and gas resources from companies from across the globe in the last few years, adding that: “Nigeria has long been the leading producer in Africa and our ambition is not only to maintain that position, but to continue to grow production to fully exploit both our oil resources and the huge reserves of natural gas that our country is richly endowed with”.
Commenting on the Ebok FSO Naming on Sail Away, she stated: “I am particularly pleased to be here today with Oriental Energy Resources who, in partnership with Afren are not only close to achieving first oil at Ebok but are actively pursuing a significant exploration drilling programme at Okwok and OML 115 that we expect will deliver significant additional production over the coming years.”
Also speaking at the event, the Chairman of Afren Plc, Mr. Egbert Imomoh said that the oil and gas industry in Africa and Nigeria in particular is changing. “There is an increasing emphasis on ensuring the development of the local indigenous oil and gas sector, both in terms of ownership and operation of assets as well as the oil services industry”.
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