Thursday, 27 July 2017

Federal Government Emerges With New Petroleum Policy




  

  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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