{"id":16657,"date":"2017-11-03T09:14:27","date_gmt":"2017-11-03T09:14:27","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=16657"},"modified":"2017-11-03T09:18:41","modified_gmt":"2017-11-03T09:18:41","slug":"nigeria-may-launch-new-oil-and-gas-policy-to-open-up-business-opportunities","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=16657","title":{"rendered":"NIGERIA MAY LAUNCH NEW OIL AND GAS POLICY TO OPEN UP BUSINESS OPPORTUNITIES"},"content":{"rendered":"<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p style=\"text-align: left;\">Vice President Yemi Osinbajo has said \u201cthe present administration remains focused on making necessary even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria\u2019s Oil and Gas Sector\u201d<\/p>\n<p style=\"text-align: left;\">He said this in his speech\u00a0<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1262036080\"><span class=\"aQJ\">on Thursday<\/span><\/span>\u00a0to mark the\u00a055th\u00a0anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chambers Of Commerce and Industry (LCCI) at the Eko Hotel &amp; Suites, Lagos, with the theme: Nigeria: An Investor Friendly Destination.<\/p>\n<p style=\"text-align: left;\">Prof. Osinbajo said the Federal Government, through its sector road map launched in October 2016, is making inroads towards reforming and repositioning the nation\u2019s oil and gas industry.<\/p>\n<p style=\"text-align: left;\">He added that the administration has developed and obtained the approval of the Federal Executive Council for a new National Oil Policy and a new National Gas Policy.<\/p>\n<p style=\"text-align: left;\">According to him, \u201cThe roadmap has very specific time-focused targets and like the many bold steps we have taken in this sector since the inception of the present administration, we remain focused on making necessary even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria\u2019s Oil and Gas Sector.<\/p>\n<p style=\"text-align: left;\">\u201cIn 2016, the Nigeria upstream sector of the oil and gas industry was challenged by the menace of upstream assets vandalism. From a peak production of over 2.30 Million barrels per day recorded at the beginning of 2016 we witnessed a decline to an almost all-time-low of about 1.0 Million barrels per day per day due to incessant vandalism. Many indigenous producers suffered perhaps more than other players in the industry.<\/p>\n<p style=\"text-align: left;\">\u201cThankfully due to our sustained engagements with the Niger Delta, our production has ramped up to about 2.1 million barrels per day from our 2016 crude oil production average of about 1.80 million barrels.\u201d<\/p>\n<p style=\"text-align: left;\">While calling for more private sector participation in the\u00a0oil and gas infrastructure development projects, the Vice President emphasised that the Buhari administration will continue to address development in the Niger Delta through its New Vision for the region.<\/p>\n<p style=\"text-align: left;\">\u201cWe will continue to address Niger Delta issues and build a peaceful and prosperous Niger Delta, with emphasis on job creation for our teaming unemployed youths, investment in infrastructure, energy and promotion of sustainable livelihood,\u201d he said.<\/p>\n<p style=\"text-align: left;\">Prof. Osinbajo further said the oil and gas industry in Nigeria\u00a0stands to benefit greatly from the administration\u2019s Ease of Doing Business reforms.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=14949&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>The Vice President noted that Nigeria\u2019s latest ranking in the World Bank\u2019s report was an indication that the Buhari administration\u2019s reforms were producing results.<\/p>\n<p>\u201c<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1262036081\"><span class=\"aQJ\">On Tuesday<\/span><\/span>, the World Bank released its latest report, in which Nigeria achieved the unprecedented step of climbing 24 places in the rankings, and earning a place on the list of 10 most improved economies in the world.<\/p>\n<p>\u201cThis is fantastic news, but by no means an excuse for us to slow down. Instead we\u2019re taking it as the very reason why we need to ramp up our reforms, for the benefit of Nigeria. There is still work to be done in reducing bureaucratic bottlenecks in the award of contracts and generally in obtaining approvals.<\/p>\n<p>&#8220;It is for this reason \u2013 the creation of a business environment that catalyses business activity and investment &#8211; that this year alone we have issued an Executive Order focusing on improving the business environment, and launched two National Action Plans designed to be short-term interventions aimed at implementing specific business environment reforms. The second National Action Plan is ongoing, and we expect that it will yield results across every sector of the economy, including the OPTS.\u201d<\/p>\n<p><a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-15806\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL-300x300.jpg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL-300x300.jpg 300w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL-150x150.jpg 150w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL-768x768.jpg 768w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL-80x80.jpg 80w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL-40x40.jpg 40w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL-64x64.jpg 64w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL-75x75.jpg 75w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vice President Yemi Osinbajo has said \u201cthe present administration remains focused on making necessary even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria\u2019s Oil and Gas Sector\u201d He said this in his speech\u00a0on Thursday\u00a0to mark the\u00a055th\u00a0anniversary of the Oil Producers Trade Section (OPTS) of [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":15806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[2771,4290,1108],"class_list":["post-16657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-lagos-chambers-of-commerce-and-industry","tag-national-gas-policy","tag-yemi-osinbajo"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/09\/SHELL.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-4kF","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/16657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16657"}],"version-history":[{"count":2,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/16657\/revisions"}],"predecessor-version":[{"id":16659,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/16657\/revisions\/16659"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/15806"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16657"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}