President Buhari’s Oil and Gas sector reforms unprecedented – APC Group

Aanya Igomu, Abuja

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A group in the All-Progressives Congress, APC Legacy Awareness and Campaign group says the administration of President Muhammadu Buhari has achieved unprecedented reforms in the oil and gas sector of the country.

The APC Legacy group said this in a press statement signed by its leaders; the APC National Youth Leader, Ismael Ahmed, Director General of the Progressive Governors Forum (PGF) Salihu Lukman, a former APC National Publicity Secretary Mr. Lanre Issa-Onilu and a Presidential media aide Tolu Ogunlesi.

According to the Group, President Buhari’s government has not only cut cost to save money, he has also developed infrastructure in the sector to improve productivity.

“Successfully taken advantage of the Covid-19 pandemic to introduce an aggressive cost reduction and optimization program that has helped return an unprecedented profit of N287 billion in the 2020 Financial Year.

 “The Nigeria Liquefied Natural Gas (NLNG) Company Limited, which is 49 percent owned by the NNPC, reached Final Investment Decision (FID) on its 7th Train, its first new Train in more than a decade.

 “Commenced clearing the backlog of Cash Call arrears owed International Oil Companies (IOCs), inherited from previous administrations, and amounting to more than five billion dollars.

 “Completed the Escravos-Lagos Pipeline System (ELPS) Phase 2, doubling its capacity to 2.2 billion cubic feet of gas.

 “Commenced construction of the Ajaokuta-Kaduna-Kano (AKK) Gas pipeline, Nigeria’s biggest-ever domestic gas pipeline project.

 “Commenced the total revamp of the Port Harcourt refinery – yet another industry jinx being broken.

 “Resolved a 12-year-old dispute surrounding (Oil Mining Licence) OML 118, unlocking more than $10 billion of potential investment held up by the dispute.

 “Completed and commissioned an integrated gas handling facility at Oredo, Edo State, which, in addition to producing 84 million cubic feet (mmcf) per day of lean gas (for power generation), will be the largest onshore LPG plant in Nigeria, producing an estimated 330 tonnes per day” the group said.

 The APC group added that the President has also reformed the sector by introducing laws such as the Petroleum Industry Act and carrying out the first Audit ever on the Nigeria National Petroleum Corporation.

 “With the emergence of the Petroleum Industry Act (PIA), a new chapter has definitely commenced in the Nigerian oil and gas sector. New industry regulatory agencies have been established, to provide the necessary oversight befitting the new status quo.

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 “On Friday October 8, 2021, President Buhari received the Certificate of Incorporation of the NNPC Limited, the successor-company to the Corporation. The new NNPC is a Limited Liability Company, subject to the Companies and Allied Matters Act — itself another legislation that has seen comprehensive reform under President Buhari’s watch, for the first time since it was originally passed more than three decades ago.

 “Co-invested with the private sector in the incorporation of a 600-million standard cubic feet (mscf) Gas Processing Plant in Imo State, a Biofuels Company in Ondo State, and a 10,000 tonnes per day Methanol Plant in Bayelsa State; among others.

 “Published Audited Financial Statements for 2018, 2019 and 2020. This is the first published Audited Financial Statements since the NNPC came into existence 43 years ago” the group said.

Zainab Sa’id

 

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