FG To Cut Shareholding In Oil JV Firms

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   …Minister marshals oil ministry deliverables

The Minister of state for Petroleum Resources, Chief Timipre Sylva, has listed his ministry’s deliverables including, implementation of the reduction of Federal Government’s equity stakes in Joint Venture (JV) participation to 40%; curbing petroleum products cross border leakages, completion of gas flare commercialisation, Increasing crude oil production to 3million barrels per day and effecting reduction in cost of crude oil production by at least 5%.   

Other priority areas include aggressive promotion of passage of the Petroleum Industry Bill (PIB); promotion of inland basin exploration activities; promotion of deep offshore exploration activities; collaboration with the private sector to aggressively increase domestic refining capacity and working assiduously to support President Muhammad Buhari in his resolve to raise millions of Nigerians out of poverty via job creation. 

Speaking during the commencement of a two-day Next Level Strategic retreat of the minister for directors of the ministry of petroleum resources and heads of agencies under his purview, Chief Sylva said the heads of agencies would collectively sign an undertaking to deliver on the set tasks and targets, saying they must execute the mandate with all the seriousness it deserves.  

In his response, the group managing director of the NNPC, Mallam Mele Kyari, expressed the readiness of the corporation to align the corporation with the spirit and letter behind the key priorities areas, stressing that as the main enabler of the Nigerian economy, NNPC would work with other agencies of the ministry to make the outlined aspirations a dream come true.    

Similar sentiments were echoed by heads of Nigerian Content Development and Monitoring Board (NCDMB), Petroleum Technology Development Fund (PTDF), the Department of Petroleum Resource (DPR), and Petroleum Products Pricing Regulatory Agency (PPPRA) among other


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