Nigeria to launch petroleum road map next week

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the Petroleum Ministry will launch a Petroleum Road Map next week.

The Minister disclosed this in Lagos on Thursday.According to the Minister, the Petroleum sector needs to come out with policies that will end the ongoing economic crisis in

According to the Minister, the Petroleum sector needs to come out with policies that will end the ongoing economic crisis in country.

He said the Ministry will launch three policies- the gas policy, Petroleum policy, and a Petroleum road map.

“We this point in Nigeria’s economy, we need to come out with polices that will drive positive changes especially in the Petroleum industry. There had to be a policy to bring about gas revolution. That is why we are going to be launching three policies- the gas policy, the Petroleum policy and the Petroleum road map. It would be unveiled next week.” he said.

Speaking on gas flaring, Kachikwu said Nigeria has to transit from a gas flaring regime to flare Commercialisation.

“Instead of always paying penalty for gas flaring, there is an urgent need to turn flared gases into money,” he said.

The move to stop gas flaring could not have come at a more critical time when Nigeria is presently going through its worst cases of power outages due to oil and gas pipeline vandalism by militants in the Niger Delta.

Analysts are of the opinion that flared gases could be converted for use by power plants, as available data revealed that Nigeria’s power generation has dropped below 3000 megawatts.

Lack of gas has also affected major power plants in the country, as majority have stopped transmitting.

As former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Kachikwu introduced various policies which experts have termed “effective”, especially in a Corporation which was once ridden with high-leveled corruption and secrecy.

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In the 11 months he held sway as NNPC boss, he tackled problems such as poor profitability index; loss of business transparency and focus and its poor perception. In tackling the challenges, the Minister was able to cut operational losses; deregulate the country’s downstream petroleum sector; initiate a creative means of meeting the corporation’s Joint Venture (JV) contributions; ensuring that the Corporation meets its statutory payments to the federation account among others.