FG to reform regulatory, community relations issues in the oil sector – Kachikwu


The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu has said that the Federal Government will eliminate the multiplicity of regulators, as well as eliminate activities of international oil companies (IOCs), that provoke community agitations, Vanguard reports.

Speaking through his Senior Technical Adviser on Fiscal and Regulatory Matters, Dr. Tim Okon, at the International Health Safety and Environment (HSE) event in Lagos, Kachikwu also stated that a memorandum of understanding (MOU), will be worked out between the Department of Petroleum Resources (DPR) and the Federal Ministry of Environment and its agencies.

He also expressed regret that the sustained vandalism of production facilities has led to several shut-ins and deferments. This he said has drastically declined the country’s oil production and export figures, with concomitant economic losses and reduction in Foreign Direct Investment (FDI) to the nation.