Oil & gas: Lokpobiri assures of sustained collaboration

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobri, has assured stakeholders in the oil and gas industry of continued collaboration to solve bottlenecks affecting investments in the sector.

The minister during a press briefing in Abuja yesterday also pledged to establish a committee that would guide and advise the federal government on policies in the sector.

Lokpobiri said the committee would comprise stakeholders from the upstream, midstream and downstream of the oil and gas sector and would be fashioned like those in the banking and capital market sector to provide solutions to challenges identified.

He noted that the idea is to have a better oil industry and have meetings on a quarterly basis, or bi-monthly.

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“The whole idea is to have a one-stop shop where all stakeholders will gather together, address issues, concerns or policies that will make the oil industry grow very fast.

“This will incorporate the leadership of the oil industry together to discuss issues affecting the oil industry just like you have the bankers’ committee and capital market committee that sits from time to time to address issues concerning those sectors.”

He added that its essence is also to intervene in the cost of petroleum products.

“Before now, you were hearing negative news about foreign subsidies. Today, journalists have no news about foreign subsidies because it is competently regulated, and prices will find a level.”

“As the world price goes up, price will go up and when the world price comes down, price will still come up. Nigeria can’t be an exception at all,” he added.

On his part, the Chairman of Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, said the stakeholders would support the minister in the drive to make the industry sustainable.

“We are writing a position paper. How do we sustain our industry? A lot of Nigerians do not understand because not all of us are in oil and gas, why it’s important that we produce our oil and gas.”

The Managing Director of NNPC Retail Ltd., Huub Stokman, said the initiative will benefit the whole industry and Nigerians.