The Federal Government is to deliver Final Investment Decisions on at least four key projects within the nation’s oil and gas industry within the tenure of this administration, President Muhammadu Buhari, has said.
Buhari, who is the Minister of Petroleum Resources, said this through his Minister of State, Timipreye Sylva, while speaking at the ongoing 24th World Energy Congress in Abu Dhabi, United Arab Emirates, on Tuesday.
He said his vision was to bequeath a vibrant petroleum industry which would guarantee long term strategic investments and prosperity to Nigerians.
The President was quoted in a statement issued by the Nigerian National Petroleum Corporation in Abuja as saying, “My plan is to ensure that during my tenure, four Final Investment Decisions 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.”
He also highlighted gas development as part of government’s priority to fast- track the industrialisation drive of the country.
He said, “As you are aware, we are focusing on the Ajaokuta-Kaduna-Kano 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.”
The President further spoke on the need to rehabilitate the nation’s refineries, as he noted that it was unsustainable for Nigeria to continue to import petroleum products.
He observed that while private investment in the refining sector was encouraged, government should focus more on the repair of its existing refineries.
He said, “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.”
The minister described crude oil theft as intractable and said the 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 in order to get the best value for all stakeholders.
According to him, Nigeria needed to lend its voice to global energy forums as they remained some of the best platforms where major decisions that impact the global energy landscape were taken.