STATE HOUSE PRESS RELEASE
OFFICE OF THE VICE PRESIDENT


PETROLEUM INDUSTRY BILL (PIB):

WE NEED TO PRODUCE LARGEST OIL VOLUMES POSSIBLE AT CHEAPER COSTS, OSINBAJO TELLS OIL & GAS STAKEHOLDERS

*VP adds: “Gas should be an enabler for quick development”

Stakeholders in the oil industry need to find and agree on cheaper means of producing oil while also ensuring a more competitive environment that meets the needs and purposes of the Nigerian nation including the largest production volumes possible.

This was the view of Vice President Yemi Osinbajo, SAN, at a virtual meeting on the Petroleum Industry Bill (PIB) with stakeholders in the industry under the auspices of the Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG).

According to Prof. Osinbajo “we need to agree on terms that will give us a more competitive environment. We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs."

The meeting held Tuesday afternoon just as consultations ahead of the passage of the Petroleum Industry Bill (PIB) continue. Vice President Yemi Osinbajo noted that in line with the focus of the Buhari administration, there is need for stakeholders in the sector to agree on terms to create a more competitive environment, while maximizing opportunities in the oil and gas industry.

Continuing the Vice President said “the other point is that of gas. To sound the question of reconciling and maintaining our domestic gas obligation, and at the same time improving the gas environment in such a way that we are able to benefit maximally from it as a business and government.

“I like the concept that gas should be an enabler for quick development and I think that we must reach some kind of balance with this, especially with this question around domestic gas obligation. I would like OPTS and IPPG to look more carefully and see in what ways we can come to some agreements as to how it should be done.”

Speaking further on the benefits of harmonizing interests in the PIB, Prof. Osinbajo observed that the passage of the PIB should be seen as an opportunity to transform the industry by addressing lingering issues that have impeded development across the different sectors that make up the industry.

“Businesses would like to invest and invest more in this environment. So, that is the point of convergence. We want more investments and obviously state governments like more investments, and you (private companies) would like to invest so that you can make more money. No question about that; what we should seek to do is to see to what extent we can come to that convergence,” the Vice President said.

The new PIB, which was presented to the National Assembly by President Muhammadu Buhari in September last year, has already passed the second reading in both the Senate and the House of Representatives. The central aim of the bill is to foster sustainable development in Nigeria’s oil and gas industry.

Earlier in his remarks, the Minister of State for Petroleum Resources, Mr Timipre Silva, said the interaction with the stakeholders in the petroleum industry is indicative of their commitment to the transformation of the industry through the PIB.

He assured that working with other stakeholders, including the National Assembly, the PIB as conceived by the Buhari administration would be passed into law.

On his part, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari said that most of the concerns raised by stakeholders have been addressed in the proposal before the National Assembly, noting that the Federal Government has moved from its previous position to one that is more competitive and attractive to investors.

Commending the efforts of the Buhari administration in guiding the process of having a new law for the industry, the Chairman of OPTS, Mr Mike Sangster, who is also the Managing Director/Chief Executive of Total E&P Nigeria Ltd, said stakeholders remain committed to making Nigeria the “preeminent hydrocarbon province” in the region and the world.

Other participants at the meeting include the Chairman and Managing Director of ExxonMobil in Nigeria, Mr Laing Richard; the Chairman of Chevron Nigeria Limited, Mr Rick Kennedy; and the Chairman of IPPG, Mr Ademola Adeyemi-Bero, among others.


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
13th January 2021

I trust the VP to drive Nigeria economy to an enviable height if given the full opportunity, judging by his performance in his short time as acting president during his boss' absence. He can deliver greatly but like I earlier stated if given the full opportunity

When PIB is signed into law, Job creation for Nigerians and strengthening of Nigerian Local Content enforcement, Acceleration of Nigerian Skill development in the sector, More transparency& accountability in the sector, competitive bidding process for Oil and Gas Businesses.

We shouldn't be here but we are because regrettably,
Under PDP Jonathan's watch, in crude oil alone, Nigeria earned N51trillion in 5 years, with nothing to show for the revenue except monumental stealing, impunity and no serious project except giving us 3D drawing. What are you even saying, almost 6 years and we have had improved infrastructural development to start with.

They should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.

TheRareGem1:
We should be optimistic that oil price will be back to normal

You go Old ooohhh

Short ballistic thief.

ok

Ensure the passage of PIB and let us all rest

Men love ladies who can hold intellectual conversations or challenge their opinions. Not everything I say you'll respond with:
"Yes that's true" , "Abi oo" , "Infact, na waoo"
��

If this man can become Mr president.... Then I think the nation would be relieved of economic stress...

This apc is quite incompetence to rule nigeria, We are yet to have better government.

Stay there and be talking about oil when the world is speeding past it.

How Far about the oil you people are wasting money to discover in Borno

Never again shall an illiterate rule us

MelesZenawi:
Short ballistic thief.

why are you wailing?

Ok

Get a professional business or company logo done for just 3k only and get all the following files of your logo;

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Oil that will soon phase out

Hmmm

Damnnn niggarrrr
Our mere house boy in aso rock be foaming bad guy

Producing oil, something that doesn't require brain input from you guys, is all you guys know how to do. Bunch of lazy ass leaders that cannot spearhead industrialization.

Almost 6 years....


'We need to'

Trump

Who is the we? Mr. Deputy vice president

gurunlocker:
Almost 6 years....


'We need to'

But the previous Government bad spending is stopping us




don't let them fool u
by Bob merley

The oil we've been selling for 50 years...

[img]https://media./images/ac5ecb53eda4d3011be648f4873987ac/tenor.gif[/img]

What do we have to show for it?

4everisaac:
I trust the VP to drive Nigeria economy to an enviable height if given the full opportunity, judging by his performance in his short time as acting president during his boss' absence. He can deliver greatly but like I earlier stated if given the full opportunity

Believe me

It will be sooner than you think.

Lame duck agbaya

Clowns...

If ability to talk was available only to sensible people, a lot of Nigerian rulers will be dumb...

What's the Desperation Mr. Osibanjo?? una sha wan empty the ground before leaving office, you are borrowing both from foreign countries and still trying to borrow from local dormant bank accounts and still sucking the ground dry all for what? The government keep needing money to solve nothing. This is baffling

Joker

OK Mr President to be Sir

I think this man can rule better if we give him chance.