The Ministry of Petroleum Resources said it’s interacting with stakeholders to obtain industry alignment and participation in carrying out its Executive Order issued by President Bola Tinubu.

Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, said this on Tuesday in Abuja in his keynote address at the ministry’s 2024 Sector Retreat.

The oil and gas sector retreat, which has the theme, “Building Synergy for Enhanced Development in the Oil and Gas Sector,” is scheduled to hold from March 26 to March 28.

The retreat was convened to discuss how to achieve the targets and mandates set for the Ministry of Petroleum Resources by President Bola Tinubu at the ministerial retreat held in November, 2023.

Mr Ekpo said to further promote ease of doing business and to stimulate the discovery and development of the country’s abundant hydrocarbon resources, the President issued an Executive Order for the ministry.

The Executive Order seeks to do the following, “Shortening the procedure for getting approval for contracts to which companies in the petroleum sector and companies controlled by the Federal Government are parties.

“Raising the contract approval thresholds in Production Sharing Contracts or Joint Operating Agreement to not less than 10 million dollars to account for the rate of inflation.

“Raising the duration for third party contracts from three to five years, with the option of renewal for an additional two years; and giving effect to and reinforcing the provisions of the Business Facilitation (Miscellaneous Provisions) Act, 2022.”

In view of these, he said the permanent secretary, on behalf of the Ministry of Petroleum Incorporated, directors and members of the technical, legal, and commercial arm of the ministry had been interacting with industry stakeholders for alignment.

He stated, “It is imperative for us collectively to confront these challenges head-on. In alignment with the overarching goal of fostering high performance and accountability within the government, President Bola Ahmed Tinubu has issued the Presidential Priorities and Ministerial Deliverables for 2023 – 2027. This initiative seeks to establish a robust performance-tracking mechanism for the Minister of Petroleum Resources and the pertinent agencies under his purview.’’

In his address, Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the petroleum sector in Nigeria had the solutions to the country’s problems in the short-term given that 90 per cent of Nigeria’s forex earnings were from the petroleum sector.

He stated, “We have been working closely with the heads of agencies to meet the targets, especially to ramp up production, increase revenue, tackle insecurity and vandalisation, remove bureaucracy, resolve divestment issues and create best environment for investment.’’

He advised the heads of agencies to utilise their collective technocrats, to produce templates to ensure sustainability of the competitiveness of Nigeria’s business environment.

Earlier, the permanent secretary of the ministry, Nicholas Ella, said its mission, as outlined in its various mandates, the administration’s goals, and the Petroleum Industry Act 2021, emphasised the need for a paradigm shift toward sustainable growth and impactful change.

He said, “This initiative, stemming from the Presidential Retreat with Ministers and Permanent Secretaries, will establish Key Performance Indicators tailored to each department and agency. Through this, we ensure that our actions are not only aligned with our objectives but also measurable and accountable.’’

The directors and heads of units in the ministry along with the heads of agencies under the Ministry of Petroleum Resources, among others, are participants in the sector retreat of the ministry. 

(NAN)