Minister State for Petroleum Resources, Timipreye Sylva, said in spite of the challenges posed by the COVID-19 pandemic, the ministry has done well
SYLVA
So, from the pipeline system, which are crisscrossing a lot of mangroves and forests, that is where the losses are recorded. On the 19th of March, we completely deregulated the petroleum products supply system. We took out subsidies, even on PMS . But, I see some kind of paradox here. We are still waiting for them between now and June, when we expect everything will relax, and they will be able to come. Then, we might be able to begin to see some FIDs taken by some investors under the gas flares commercialisation project.
In Nigeria, LPG is used most in the cities. In the rural areas, gas usage is almost absent. What the government is trying to do with this programme is to encourage the penetration, so that villages and rural areas will begin to use gas as well. That will safeguard our forest resources and our environment.
The contracting cycle was also a big problem. The long contracting cycle led to higher costs of projects, and by extension, higher cost per barrel. The PIFB deals with the fiscal framework. We believe that when this Bill is passed, Nigeria will be one of the most attractive investment destinations in the oil industry in the world.
So, the country is planning for the future. We have our eyes fixed, for instance, on the Bonga South-West Project, which is going to add a significant number of barrels to our production. With the PIFB, there will be a lot more investment in the deep offshore hopefully. As I said earlier, work is at an advanced stage on Bonga South-West.
On creating jobs and opportunities, the construction of NLNG Train 7 alone will create 12,000 direct jobs at the construction phase, in addition to numerous indirect jobs.
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