FG to Deliver Four FIDs and Boost Prosperity …Says PMB at World Energy Conference
-By Julius Ogar
The Federal Government remains committed to bringing prosperity to Nigerians through solving the nation’s energy challenges, declares Chief Timipre Sylva, Minister of State for Petroleum Resources.
Towards this objective, there are 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.
Chief Sylva, who represented President Muhammadu Buhari, disclosed this while speaking at the 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates, a release by the Group General Manager, Public Affairs Division of the NNPC, Ndu Ughamadu indicates.
According to the minister who only recently assumed office, “Energy is always at the heart of our prosperity because in Nigeria, oil is central to our national development. Power today has become very central to everything we do”.
Describing the conference theme: “Energy for Prosperity”, as apt, the minister maintained that addressing Nigeria’s energy needs would go a long way in Nigeria’s march towards industrialisation.
“A lot is being done by the Federal Government to improve the energy situation in the country. Government has since recognised the need to improve the nation’s energy situation and that is exactly what we are poised to do,” he said.
The former governor of Nigeria’s oil-rich Bayelsa State said his vision is 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 minister stated.
He also highlighted gas development as part of government’s priority to fast track the industrialisation 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.”
On the imperative of rehabilitating the nation’s refineries, the minister said it is unsustainable for Nigeria to continue to import petroleum products. According to him, while private investment in the refining sector is encouraged, government needs 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”.
He also maintained that government was equally 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.
Speaking on crude oil theft which he described as “intractable”, Sylva said government was looking at practicable solutions to the problem.
According to the minister, Nigeria needs 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.
