NIGERIA'S OIL AND GAS INDUSTRY IS MAKING HEADWAY - KACHIKWU
Originally published on July 5, 2018
Dr. Ibe Kachikwu, Minister of State for Petroleum Resources, revealed on Tuesday that President Muhammadu Buhari has not influenced him in the allocation of oil blocks or contracts to any of his associates since he assumed office three years ago.
The minister attributed progress of the country's oil and gas industry to the uprightness of The President. He declared that Nigeria’s gas reserves had increased by 7 trillion cubic feet (TCF) to 199TCF, up from 192TCF he said it was previously. He revealed this in his ministerial remark at the recently concluded 17th edition of the Nigeria Oil and Gas conference in Abuja.
“A lot of work has been done in restructuring of NNPC started by me, continued by Dr. Baru. Transparency has also been a key pivot led by His Excellency, the President.” He said.
Although Kachikwu agreed that several standards still need to be met in the nation's oil and gas that will transform Nigeria's economy totally, he sampled the latest numbers released by the Department of Petroleum Resources (DPR) as a yardstick for knowing that they are making headway in the industry.
“The oil industry is at a very critical stage in its life cycle, and don’t worry about all the nuances you hear about oil going out of stock. The reality even when people point at electric cars, they still represent only two per cent of the instrument of mobility today.
“When we talk of other forces coming to replace oil, the truth remains that oil demands continues to increase. More oil continues to be found by the day.
“In Nigeria, our own numbers as released by the DPR point to figures in excess of 39 billion barrels of oil which will at the current consumption rate last over 50 years," Kachikwu asserted.