Nigeria Petroleum Development Company To
Construct A Model Refinery
MINISTER for Petroleum (State), Dr Ibe Kachikwu on Saturday said that the passage of the modified Petroleum Industry Bill (PIB) will open up the oil and gas sector to new local and international Investors for competitive growth and development in line with international best practices. Vanguard News
Ibe Kachikwu revealed this during the 20th Convocation ceremony of the Petroleum Training Institute (PTI), Effurun Delta State. He noted that the PIB, which is being considered in phases by the National Assembly, is set to overhaul the entire industry governance framework to fiscals and regulatory form of the oil and gas sector.
According to him, “I therefore want to state firmly that the PTI would benefit immensely from the passage of the bill because I am optimistic that the implementation of the Industry reforms through the enacted bill will strongly open up the oil and gas sector to new local and international investors.” He added that PTI is going to play a significant role in the construction of a model modular refinery which the federal government has mandated the Nigerian Petroleum Development Company (NPDC) to construct.
Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of the Nigerian National Petroleum Corporation (NNPC) is poised to grow its equity production from the current 180,000 bpd to 300,000 bpd by 2018. Production is also projected to hit 400,000 bpd and 500,000 bpd by 2019 and 2020 respectively.
He said the modular refinery, when operational would be used for experimental training and for teaching purposes, adding that the PTI will engage in the training and retraining of manpower in line with the change mantra of the Buhari administration.
The Petroleum minister noted that in spite of the setbacks occasioned by wanton destruction of oil facilities and installations as well as decline in the country’s crude production by over 700,000 barrels per day due to activities of militants in the past, the federal government has achieved tremendous reduction of militancy in the Niger Delta region.
Kachikwu said recent development in the fall of oil prices across the globe and other challenges have caused serious ripple effects on the fortune of the country, noting that these developments has underscored the global shift to gas. “The successful implementation of the New National Gas Policy, I must point out, would lead to the harnessing of Nigeria’s vast gas resources and commercializing our gas flares for the economic development of the nation,”
The attacks on oil and gas facilities in the Niger Delta continued Thursday evening with the bombing of a pipeline belonging to the Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation.
He promised the institute that the federal government will continue to support it in achieving its mandate of ensuring that the institute becomes a leading oil and gas capacity development institute that produces the requisite manpower need of the oil and gas industry.
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