AUDIO HERE

PIB: Senate President pushes for reduced cost of crude oil production

President of Senate, Ahmad Lawan has pushed for a cost reduction in the  production of crude oil by International Oil Companies operating in Nigeria.
According to Lawan, the new Petroleum Industry Bill presently before the National Assembly would accommodate provisions to ensure same when the bill is eventually considered and passed by the end of the first quarter this year.
The Senate President made this known when a delegation of Oil Producers Trade Section (OPTS) paid a visit to his office at the National Assembly on Thursday.
“The cost of production in Nigeria is a major concern in the oil industry. My colleagues in the committees that are oil and gas related know better.
“But from the little I understand, when Saudi Arabia maybe spends $5 dollars (USD) to produce a barrel, we spend about $30 dollars (USD) to produce the barrel in some cases.
“The time has come for us to ensure that the cost of production is beaten down to a more meaningful and profitable production cost.
“I believe that the Petroleum Industry Bill, making provision for funds to go into the host community funds, would probably this time around get us a better deal with the communities.
“We must do everything possible together to ensure that the host communities benefit wherever they are supposed to benefit, not only the host community development fund, but in the Niger Delta Development Commission (NDDC) and other areas of government intervention – the Amnesty Programme and Ministry of Niger Delta Affairs.
“How do the host communities benefit, because we need to stabilize those areas so that we have cheaper production costs,” Lawan said.
The Senate President while stressing the importance of the PIB towards the advancement of Nigeria’s economy, assured that the Upper Chamber would accommodate the interest of international investors operating in the country.
Lawan, however, bemoaned the low influx of business investors to Nigeria, a development which he attributed to the absence of a legal framework which the Petroleum Industry Bill seeks to address.
He said, “In the last 20 years, investments coming into Nigeria and this industry have been so dismal and so small compared to the size of what we have in Nigeria, maybe due to lack of a legal framework – the PIB.
“So, we are very conscious of ensuring a balance and equilibrium between our interest as a people and a country, that we should have all the benefits accruing from your operations.
“We need to help you by creating that kind of environment where you’re able to argue and get the investments flow into Nigerian, instead of elsewhere. Let me also add, that at the end of the day, this is going to be a balanced legislation.”
“For us as a country, we will not do anything that would jeopardize the chances of our oil industry competing favourably with other climes.
“So, I want to assure you that we would look into those issues of concern to you, and we would do exactly what we think will be in the best interest of Nigeria and also in the interest of the OPTS,” Lawan added.
Speaking earlier, leader of the Oil Producers Trade Section (OPTS) delegation, Mike Sangster (Total), said the purpose of the visit was to engage the National Assembly on ways to modify the Petroleum Industry Bill to ensure its success when passed and signed into law.
While extending the delegation’s support to the ongoing effort to provide a legal framework for the oil and gas industry in Nigeria, Sangster prevailed on the National Assembly to accommodate provisions in the PIB that would protect the existing investments of foreign investors.
“On behalf of all the industry and my colleagues, I want to say that we duly support the government’s effort to drive through the Petroleum Industry Bill.
“We think it is really important that there’s an updated framework for the industry.
“In our view, we are looking for something that will contribute to the Nigeria, which will bring investment to the country and growth to the economy, and obviously jobs to the Nigerian people.
“We are looking for something that will protect our existing investments, and also unlock opportunities, so we can further grow our businesses and production.
“We need to find ways jointly to try and reduce what we see as the cost premium of operating in Nigeria, so we are looking at ways where the PIB can help there.
“And I think many people have mentioned over the last few days, the importance of gas to the country, and move of transition towards a diversified gas based economy, let’s say by removing some bottlenecks in the value chain and establishing a more free market gas pricing regime,” he said.
Other members on the visiting delegation include: Richard Laing (ExxonMobil); Rick Kennedy (Chevron); Roberto Daniele (ENI); Sam Ezugworie (Shell); and Bunmi Toyobo (Shell).

 

 

 

Thursday, 28 January 2021

Categories: Uncategorized

24 Comments

Yetta · April 14, 2021 at 7:28 pm

Hello there! Do you use Twitter? I’d like to follow you if that would
be ok. I’m undoubtedly enjoying your blog and look forward to new updates.

freeglobalclassifiedad.com · April 16, 2021 at 1:00 am

Good day! I could have sworn I’ve been to this website before but after going through many of the articles I realized it’s new to me.
Nonetheless, I’m definitely happy I found it and I’ll be book-marking
it and checking back often!

Feel free to surf to my web blog :: freeglobalclassifiedad.com

o2o.jjfwpt.com · April 16, 2021 at 5:46 am

Hello are using WordPress for your blog platform?
I’m new to the blog world but I’m trying to get started and set up my own. Do you need any coding expertise to
make your own blog? Any help would be greatly appreciated!

my web blog – o2o.jjfwpt.com

https://kebe.top · April 16, 2021 at 9:17 am

Nice post. I learn something new and challenging on websites I stumbleupon everyday.
It’s always exciting to read through articles from other writers and practice something from
other websites.

my web site – https://kebe.top

www.lifeadventureexplore.com · April 16, 2021 at 10:48 am

It’s going to be end of mine day, however before ending
I am reading this great article to increase my knowledge.

Here is my page; http://www.lifeadventureexplore.com

slot deposit pulsa · April 16, 2021 at 10:58 am

I just couldn’t go away your website before suggesting that I actually enjoyed the usual info an individual provide for your guests?
Is gonna be back incessantly in order to check out new posts

xajm168.com · April 16, 2021 at 11:54 am

I like examining and I conceive this website got some really useful stuff on it!

Feel free to visit my page: xajm168.com

http://www.fles.hlc.edu.tw/ · April 16, 2021 at 12:19 pm

Thanks for finally talking about > PIB: Senate President
pushes for reduced cost of crude oil production – Legislative Vibes < Loved it!

Here is my webpage; http://www.fles.hlc.edu.tw/

http://networking.drbarbara.pl/index.php?action=profile;u=132342 · April 16, 2021 at 1:16 pm

hello!,I love your writing so so much! proportion we
keep up a correspondence more about your post on AOL? I need a specialist on this space to unravel my problem.
May be that is you! Taking a look forward to peer you.

my web site :: http://networking.drbarbara.pl/index.php?action=profile;u=132342

https://gantdaily.com/classifieds/author/andrianawym/ · April 16, 2021 at 1:22 pm

Unquestionably consider that that you said. Your favourite
reason appeared to be at the web the simplest thing to take into account of.

I say to you, I definitely get annoyed at the same time as other folks consider worries that
they just do not realize about. You controlled to hit the nail
upon the top as smartly as defined out the whole thing with no
need side-effects , other people could take a signal.
Will likely be again to get more. Thanks!

Feel free to visit my page https://gantdaily.com/classifieds/author/andrianawym/

http://www.ourgreatmoments.co.uk/ · April 16, 2021 at 1:45 pm

I like this website because so much useful material on here :
D.

Visit my web-site; http://www.ourgreatmoments.co.uk/

lovegamematch.com · April 16, 2021 at 2:06 pm

Your means of describing all in this post is in fact nice, every one be able to easily understand it, Thanks a lot.

Feel free to visit my web site: lovegamematch.com

http://www.greenescortsinkolkata.co.in/index.php?action=profile;u=3202 · April 16, 2021 at 2:10 pm

I truly enjoy reading through on this site, it holds wonderful blog posts.

My website: http://www.greenescortsinkolkata.co.in/index.php?action=profile;u=3202

printfaire.com · April 16, 2021 at 2:17 pm

If some one needs to be updated with most recent technologies
therefore he must be visit this web site and be up to
date daily.

Feel free to surf to my web-site; printfaire.com

lechon.ca · April 16, 2021 at 2:44 pm

This website was… how do you say it? Relevant!!
Finally I have found something which helped me.
Thank you!

Feel free to visit my web blog … lechon.ca

https://freeholmes.com/forum/viewtopic.php?id=383352 · April 16, 2021 at 3:15 pm

Wow, awesome blog layout! How long have you
been blogging for? you make blogging look easy. The overall look
of your website is great, as well as the content!

Take a look at my page: https://freeholmes.com/forum/viewtopic.php?id=383352

https://bbs.yunweishidai.com/ · April 16, 2021 at 5:07 pm

Very nice write-up. I certainly appreciate this website.
Continue the good work!

Also visit my webpage :: https://bbs.yunweishidai.com/

Wilda · April 16, 2021 at 5:48 pm

Everything is very open with a very clear description of the challenges.
It was definitely informative. Your website is very helpful.
Many thanks for sharing!

https://www.bigkahunahosting.com/ · April 16, 2021 at 6:26 pm

I like studying and I believe this website got some genuinely useful stuff on it!

Also visit my homepage: https://www.bigkahunahosting.com/

www.greenescortsinkolkata.co.in · April 16, 2021 at 6:52 pm

Right here is the right blog for anybody who would like to
understand this topic. You know a whole lot its almost tough
to argue with you (not that I actually would want to?HaHa).

You definitely put a new spin on a subject which has been written about for
many years. Great stuff, just wonderful!

My blog post http://www.greenescortsinkolkata.co.in

www.cowerdesign.com · April 16, 2021 at 7:12 pm

I was just looking for this info for a while.
After six hours of continuous Googleing, at last I got it in your site.
I wonder what is the lack of Google strategy that don’t rank this type of informative
web sites in top of the list. Usually the top web
sites are full of garbage.

Feel free to surf to my web site – http://www.cowerdesign.com

Idn poker pulsa · April 17, 2021 at 5:29 am

ѡhoah tis bⅼog is grat i love reading your articles.
Stay up tthe good ԝork! You recognize, mɑny individuals are hunting round for this info, you can hepp them greatly. http://aleksandrpopov26.ru/?attachment_id=42

Kris · May 8, 2021 at 10:01 am

WOW just what I was searching for. Came here by
searching for website

Edibles · June 30, 2021 at 11:16 am

Appreciate you sharing, great article.Really looking forward to read more. Great.

Leave a Reply to Idn poker pulsa Cancel reply

Your email address will not be published. Required fields are marked *