... Reserves stagnate at over 37bn barrels
THE Federal Government's moves to add one million barrels yearly to
The plan was earlier set for realisation by 2020, but shifted forward because of the inability to complete work on the PIB, a comprehensive legislation targeted at overhauling the petroleum industry, entrenching efficiency and transparency and bringing operations in line with international standards.
However, investigation by Vanguard indicated that the new target is also under threat, as operators, including International Oil Companies, IOCs, and their indigenous counterparts have not started to do much toward bringing planned projects to fruition.
In an interview with Vanguard, managing director of a major company, who preferred not to be named, said: "The PIB should have been completed before now to attract investments. I know of companies that have gone to invest heavily in
"We do base our operations on such assurances; but will wait for the PIB before deciding on the next steps for our proposed oil and gas projects in
"We intend to wait, even if it takes a much longer time to complete work on the PIB. But it should be stressed that this would also prolong the time required for oil companies to decide on new projects to push forward, mobilise funds, and take Final Investment Decisions, FID, before moving ahead to implement them in order to add to the nation's reserves."
Executive
Investigation by Vanguard showed that the
Minister of State for
There are strong indications that the Executive and Legislature have not started to work toward the PIB. In an interview with Vanguard, Mr
He said: "I don't know whether the committee has been constituted already because you know it an adhoc committee that does that, including some members of the Petroleum Upstream Committee. The speaker has already said it is first agenda on the line as soon as the House resumes from vacation.
"I think the Speaker and the
On the powers of each party, he said: "Well, the most important thing is that there would be a synergy, give and take, which what the politics is all about. The legislature is making sure that there will be complete transparency where the Executive cannot inhibit the process of governance. I think that is what the legislature wants but the Executive wants to retain their power. It is a fight of the executive against the people."
In another telephone interview with Vanguard, over the weekend, Sen. Godiya Akwashiki, Chairman,
"They should wait for the PIB to be presented to the current
"This means that PIB will have to go through the normal process of first reading, second reading, committee review, public hearing among others. This explains why we should not start to put time frame to it; the most important thing is that the current
Past promises
From former Presidents
Implications
Experts said the implication is that
In the past few months,
In the midstream and downstream, things are not better, as the poor state of the refineries have compelled NNPC, to embark on massive importation to meet domestic demand.
APC, Oshiomhole commend Jonathan over Bayelsa Polls
In his agenda-setting email to Vanguard, chairman,
Vanguard
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