FG planning new oil, gas policies – Osinbajo

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The Vice President, Prof. Yemi Osinbajo, while speaking yesterday at the anniversary of the Oil Producers Traders Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), said the Federal Government is in the process of legislating new oil and gas policies within the next few months, The Guardian reports.

The statutory objectives of the new policies, according to Osinbajo, are to create a market-driven oil and gas industry, maximise production and processing of hydrocarbons and to move away from oil as a source of income and as a fuel for economic progress. Others are to minimise the environmental footprint of oil exploration and production, manage oil and gas resources and renewable energy.

Osinbajo added that the new policies are also expected to move the oil economy to gas, diversify supply options within Nigeria, ensure security of supply, extend gas to the domestic market to sustain the growth of electricity and agriculture, gain the presence of Nigeria’s gas at the international market and to end gas-flaring.