Kachikwu says Nigeria to roll out new national policy on oil and gas  

The Nigerian government says it is overhauling its policies on oil and gas and that it would soon roll out a new national policy for the sector.

The Minister of State for Petroleum Resources, Ibe Kachikwu, said this on Monday in Uyo, Akwa Ibom State, during the second meeting of the National Council on Hydrocarbon.

Kachikwu said the new policy, which has been approved by the Federal Executive Council, will create a market-driven oil and gas industry, maximise the production and processing of hydrocarbons, and move the country away from oil as a source of income to oil as a fuel for economic growth.

He said the policy will also minimise the environmental footprint of oil exploration and production, and manage the balance between depleting oil resources versus renewable energy.

He said the policy, in addition, will help move the country’s economy from oil to gas, extend gas penetration in the domestic market in order to facilitate the growth of the electric power, agricultural, and industrial sectors, as well as end and commercialise gas flaring and address environmental issues, and provide enabling environment for increased private sector participation in the gas sector.

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