The Federal Government has emerged
with a new National Petroleum Policy, targeted at bringing about restructuring,
new legislation and value addition in the oil and gas industry.
The policy, which has already been
approved by the Federal Executive Council, defines the strategy of the
government with respect to Nigeria’s oil resources.
The implementation of the policy,
which envisaged that the Joint Ventures, JV, would produce about 67 per cent of
Nigeria’s output, is expected to culminate in increasing the nation’s oil
production from about 2.2 million barrel per day to 3million barrel per day in
2017, before dropping by 2 million barrel per day in 2026.
The policy which allows local
communities to participate stated that the existing JVs are to become
independent and self-funding.
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