FG approves construction of new refineries





By Adewale Sanyaolu
THE Federal Government has unveiled plans to build new
refineries as part of efforts to ensure that the country
refines substantial volume of its fuel needs.
Minister of State for Petroleum Resources, Dr. Ibe
Kachikwu, made the disclosure during an interactive
session with members of the National Assembly in Abuja.
The Minister, while pledging his readiness to work closely
with the National Assembly to ensure the speedy
development of the country’s oil and gas sector for the
benefit of Nigerians and the entire country, pointed out that
the new refineries would be sited within the old ones and
would be funded by private investors. The idea of citing
the new refineries within the old ones, according to him, is
to enable the refineries share power, pipelines and other
resources. On the current state of the refineries, Kachikwu
stated that from available reports, two of the refineries
may be re-streamed before the end of December. He
stressed that the new agenda for the oil and gas industry
is centred on having the right people, doing the right
things, at the right time, for the right purpose to yield the
right results. The Minister in his presentation to members
of the National Assembly titled, “The Roadmap for
Nigeria’s Oil and Gas Sector,” noted that the average
national oil production as at July 2015 stood at 2.1 million
barrels per day and the Nigerian Petroleum Development
Company (NPDC) equity production is 99,000 barrels per
day.
He regretted that the declining Joint Venture reserves were
due to inadequate and low investment in the oil assets,
stressing that the issue of funding constraints must be
addressed going forward with the collaboration of private
and international investors.
Kachikwu informed that the average gas-to-power
generation is about 3,000 megawatts and domestic gas
supply of one billion standard cubic feet (scf) with the
contribution of 600 million standard cubic feet from NPDC.
He stated that the petroleum sector under his watch would
ensure that the Nigerian Content policy would transform
the oil and gas industry into the economic engine for job
creation and national growth.

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