National Oil & Gas

FG set to make public decision on Oil&Gas FIDs – Sylva 

The Federal Government has revealed plans to deliver Final Investment Decisions (FIDs) on at least four key projects within the country’s oil and gas industry by the end of last quarter this year.

Minister of State for Petroleum Resources, Chief Timipreye Sylva, disclosed this while speaking at the ongoing 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates, yesterday, Sep. 10.

Sylva, who represented President Muhammadu Buhari at the event, said his vision was to bequeath a vibrant petroleum industry which shall guarantee long term strategic investments and prosperity for Nigerians.

“My plan is to ensure that during my tenure, four Final Investment Decisions (FIDs) are taken. I am sure that within the next quarter, we should be able to conclude on some of these FIDs so as to grow the industry,” the minister said in a statement circulated by NNPC.

The minister also highlighted gas development as part of government priority to fast track the industrialization drive of the country.

“As you are aware, we are focusing on the Ajaokuta-Kaduna-Kano (AKK) pipeline project which will address some of our power issues and encourage the setting up of local industries and businesses along different areas in Nigeria.”

Sylva also shed more light on the imperative of rehabilitating the country’s refineries, saying that it was unsustainable for Nigeria to continue to import petroleum products.

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