Osinbajo

By Chijioke Okoronkwo

Vice President Yemi Osinbajo has urged stakeholders in the oil industry to find and agree on cheaper means of producing oil in the country.

Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday, said that the vice president spoke at a virtual meeting on the Petroleum Industry Bill (PIB) with stakeholders in the industry.

The stakeholders operate under the auspices of the Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG).

He called for a more competitive environment that met the need and purposes of the Nigerian nation including the largest production volumes possible.

“We need to agree on terms that will give us a more competitive environment.

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“ 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 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.

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“ 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.”

Osinbajo said that the passage of the PIB should be seen as an opportunity to transform the industry by addressing lingering issues that had impeded development across the different sectors that make up the industry.

According to him, businesses will like to invest and invest more in the environment.

“So, that is the point of convergence.

“We want more investments and obviously state governments like more investments, and you (private companies) would like to invest so that you can make more money.

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“No question about that; what we should seek to do is to see to what extent we can come to that convergence,” he said.