Dr. Ibe Kachikwu, Minister of State for Petroleum Resources, while speaking at the 20th convocation ceremony of the Petroleum Training Institute (PTI), Effurun, Delta State, said the Federal Government would be looking to focus on gas given the current problems oil is facing globally, Independent reports.
He noted that the recent fall of oil prices across the globe and other challenges have had severe effects on the fortunes of the country. He explained that these developments had caused the global shift to gas. He reiterated that the successful implementation of the new national gas policy would lead to the harnessing of Nigeria’s vast gas resources and commercialisation of its gas flares for the nation’s economic development.
He said that the imminent passage of the modified Petroleum Industry Bill (PIB) would open up the oil and gas sector to new local and international investors for competitive growth and development in line with international best practices. He also emphasised that the PIB would overhaul the entire industry governance framework as well as the fiscal and regulatory elements of the oil and gas sector.