Why Sylva should not be sacked — P-PESPI

A group, known as the Partner For Petroleum & Energy Sector Prosperity Initiative (P-PESPI) has condemned the negative narrative and publication in a National Newspaper and some online news platforms by some Civil Society Organizations, calling for the sack of the Hon. Minister of State, Petroleum, Chief Timipreye Sylva over IOCs debt claim in the PSC regime.

In a statement, signed by its National Chairman, Lord Charles Ibiang, the group said that the Hon. Minister of State, Petroleum was quoted out of context, when the CSO alleged that Slyva was sabotaging the government by craving for government dialoguing with IOCs over the matter concerning PSC arrears accruing, amounting to $62billion Dollars.

It will be recalled that the Accountable Leadership For Better Nigerian Initiative, ALBNI, had called on President Muhammadu Buhari to relieve the Minister of State for Petroleum Resources, Chief Timipreye Sylva, of his duties over claims by the latter that debt owed the federal government by the International Oil Companies, IOCs would be difficult to recover legitimately.

The P-PESPI Chairman stated categorically that, as close observers of the Petroleum Sector, the group was solidly in support of Chief Sylva and commend his appreciation and deep knowledge of the reality in the Nigerian Petroleum Sector.

“Chief Sylva is a great asset to President Buhari’s administration and the Petroleum Sector in general. Any close watcher of the investment drive in the Petroleum Sector will realized that IOCs are not or rare injecting new Capital for new Projects, finds or Production, rather, what they are engaging in is Assets Management and Divestment from Nigeria to other climes where the business, regulatory and political environment is friendly.

“A lot of FID has not be concluded due to uncertainty in our Fiscal & Legal framework guarding the Oil & Gas Sector. Therefore, retaining current investors like IOCS is very important and Strategic, if we must maintain our current activities & Production level 2.5million BPD and attract new Direct Foreign Investments in the Oil & Gas Sector,” Lord Ibiang reiterated.