Vice President Yemi Osinbajo (SAN) has challenged stakeholders in the oil industry to come up with cheaper ways of producing larger volumes of oil.
The Vice President said this during a virtual meeting on the Petroleum Industry Bill (PIB) with stakeholders in the industry under the auspices of the Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG).
He said stakeholders should achieve this while also ensuring a more competitive environment that meets the needs and purposes of the nation.
He said: “We need to agree on terms that will give us a more competitive environment. We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.”
The Vice President stressed further: “The other point is that of gas. To sound the question of reconciling and maintaining our domestic gas obligation, and, at the same time, improving the gas environment in such a way that we are able to benefit maximally from it as a business and government.
“I like the concept that gas should be an enabler for quick development and I think that we must reach some kind of balance with this, especially with this question around domestic gas obligation.
“I would like OPTS and IPPG to look more carefully and see in what ways we can come to some agreements as to how it should be done.”
On the benefits of harmonizing interests in the PIB, Osinbajo said the passage of the PIB should be seen as an opportunity to transform the industry by addressing lingering challenges that have impeded development across the different sectors that make up the industry.