From Uche Usim, Abuja
Minister of State, Petroleum Resources, Mr Timipre Sylva, on Tuesday, charged the 57 marginal field investors to quickly develop their assets and enjoy the full benefits in the Petroleum Industry Act (PIA), which seeks to among other thing, increase crude oil production, grow reserves and reduce cost of production.
The Minister, who gave the charge in Abuja at the formal presentation of Petroleum Prospecting Licences to the operators by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), noted that $2.7 billion was generated from the bid rounds conducted in 2020.
Sylva urged the awardees to take advantage of the current attractive oil prices to bring the fields into full production within a short period in line with President Muhammadu Buhari’s aspiration. He assured the investors that the industry regulator, NUPRC, will support any aspiration for upstream development with midstream facilities integration towards maximising the value chain.
“It is envisaged that robust collaboration between the awardees and the Commission will lead to better understanding of the challenges being encountered. Therefore, I encourage you to promptly reach out to the Commission for guidance and support including mediations when challenges arise. “The onboarding of new oil and gas players in the petroleum sector is part of this government’s policy to encourage more indigenous participation in our petroleum operations. Indeed, this will boost activities in the oil and gas sector, add to our production output, and create additional employment opportunities for Nigerians”, the Minister stated.