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Oil Sector Reforms: Panacea to Sustainable Development - Oil Minister

Written by News Hound

Monday, 17 September 2007

The ongoing reformation in the Nigerian oil and gas sector by the Federal government has been described as the panacea to sustainable development in oil sector.

This was disclosed by the Minister of state for energy (petroleum) Mr Henry Ajumogobia at the opening of Addax petroleum’s new state-of-the-art corporate Head office in Lagos yesterday.

According to the Minister the ongoing restructuring of the sector will explicitly delineate the regulatory, policy and commercial functions, a step which he said would bring about “rejuvenated business practices to further accelerate the attainment of set targets in the sector.”

He praised Addax petroleum for maximizing the company’s potentials by boosting production capacity from a bout 8,800 barrels of oil per day (bopd) to over 116,000 (bopd) through a relentless introduction of efficiency, accountability, and transparency to business practices.

The minister challenged other operators in the industry including beneficiaries of recent oil bid rounds to emulate the good examples of Addax which according to him has made a remarkable achievement withing nine years of taking over the operations of Ashland Oil Company.

“This remarkable achievement withing nine years set a standard for the industry and should be regarded as a challenge worth emulating by other operators including those beneficiaries of the oil blocks in the recent bidding rounds.

The exploration and exploitation of their blocks must be anchored on cost effectiveness and sustainable development to enhance the attainment of federal government target of 40 billion barrels per day of oil production by 2010.” he said.

It would be recalled that the Umaru Yar’Adua led Federal Government of Nigeria recently commenced on a strategic reformation of the oil and gas sector which brought about the unbundling of the state-owned Nigerian National Petroleum Corporation (NNPC), a move which has received a lot of commendations from different sectors of the country’s economy.

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