The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has said that the upstream sector has recorded a renewed impetus in cost management, compressed contracting cycles and a reinvigorated pursuit of the passage of the Petroleum Industry Bill (PIB).
Mrs. Alison-Madueke stated this while delivering her keynote address at the 2015 Nigeria Oil and Gas Conference and Exhibition with the title “State of Industry: Achievements and future Direction” at the International Conference Centre in Abuja.
Represented by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Joseph T. Dawha, Mrs. Alison-Madueke disclosed that in the Midstream, new Gas Pipelines are being constructed in furtherance of the Federal Government‘s Gas Development Initiatives. She noted that in the downstream sector, products supply and availability has been sustained adding that NNPC‘s Retail network has continued to expand in order to improve product availability.
The Petroleum Minister however said the accomplishments in the Oil and Gas sector have now been challenged by the current low in Oil price environment which is characterized by dramatic revenue declines.
Mrs. Alison-Madueke stated that persistent depressed Oil prices may limit the Industry scope to maneuver in growing long term production and reaching the target of 4million barrels of Crude Oil per day by 2020. In his welcome address, a board member of the Central Working Committee, Dr. Alirio Parra commended the Federal Government for its determination to transform the Nigeria Oil and Gas Industry through the draft Petroleum Industry Bill which is currently before the National Assembly.
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