Kachikwu says FG to develop Policies preparatory to fossil energy global decline


October 11, 2017 | 2:17 am
  |     |     |   Start Conversation

Emmanuel Ibeh Kachikwu, Nigeria’s deputy Minister for Petroleum Resources at the on going 23 Nigeria Economic Summit Group,#NES23 said the federal government would develop Policies that ensures the global decline in fossil energy does not take Nigeria unawares,stating that government is already thinking towards that direction.

In recent times, key European countries comprising of France, Germany, China, Norway and the United States had already put set dates to stop usage of fossil energy, while resorting to electric cars in a bid avert the concerns of climate change.

Oil resources has been the mainstay of Nigeria’s economy,and government says is keen on attracting more investment in the oil sector through diver‎se ways.

Kachikwu who moderated a panel discussion on energy in a break out session of the economic summit with the Group Managing Director of NNPC Maikanti Baru however said the federal government is currently dealing with the fundamentals‎ of ensuring that the refineries work,and ensure availability of energy sources to meet our day to day energy needs.‎

Kachikwu said,”The first thing first is to develop the policies,and to do that the NNPC would have to take over the commercial aspects because they are going to be the one deploying it.”

“As the Refineries get kitted up,obviously,we would continue to look at new fossils development programmes,and will see a need to pump out policies that would enable Nigerians see the advantages in terms of costs”he adds.

Speaking on the issues raised by the panels on marginal field production,Kachikwu said the government is determined to ensure transparency in the bidding process so that the public always gets to know who and who gets what and could monitor the progress.

“‎This are some of the issues the Niger Delta communities always are inquiring about and indeed all Nigerians. The more transparent it is,the better for us. Another key question regarding ensuring the local communities in the Niger-Delta are carried out.

“We are developing models to ensure better regulations geared towards transparency in the bidding process,and we would alert Mr.President as soon as we are done”Kachikwu notes further.‎
Maikanti Baru, the GMD of NNPC ‎ in his own remarks at the panel raised concern that only nine out 14 of those who got won the bidding process for the marginal fields are operating which he said is not a good development.

‎Kachikwu in response to GMD’s assertion said the Ministry of Petroleum Resources would work closely towards ensuring that concerns and constraints that had hindered the remaining companies who have not swing into action in the marginal oil fields are appropriately addressed.





October 11, 2017 | 2:17 am
  |     |     |   Start Conversation

Big Read |  


What Nigeria must do before signing AfCFTA

Nigeria’s President Muhammadu Buhari last Wednesday gave a hint that he would sign the African Continental Free Trade Area (AfCFTA)...

Top 100 (300 x250)

MTN banner 2


Newsletter Fixed income