The Minister of State for Petroleum Resources, Timipre Silva, has vowed to implement the letters of the Deepwater Offshore Production Sharing Contract Act recently signed into law by President Muhammadu Buhari.
He said implementing the content of the bill was one of his major priorities and that he would not hesitate to do anything in the oil and gas industry that would benefit Nigerians
Other priority areas include increasing the country’s refining capacity and ending the smuggling of petroleum products out of the country, the minister said
According to him, by the time all of these are fully implemented there would be an increase in job availability for Nigerian youths.
He said the high cost of crude oil production affects the country’s net revenue, and therefore asked industry operators to address this issue
The minister who disclosed this at the ongoing Practical Nigerian Content in Yenagoa, Bayelsa State, also said he would ensure that the Petroleum Industry Bill was signed into law and also implement the Gas commercialisation programme of the Federal Government.
