Federal Government Approves New National Oil Policy

The Federal Executive Council presided over by Acting President Yemi Osinbajo, on Wednesday, approved the Nigerian Petroleum Policy, which is aimed at improving efficiency in the oil industry.

The Minister of State for Petroleum Resources, Ibe Kachikwu, disclosed this to State House correspondents at the end of the council’s meeting inside the Presidential Villa, Abuja.

The approval of the policy, he said, was coming about three weeks after the National Gas Policy was considered and approved.

The minister said if well executed, the document would fundamentally take the change process in the oil and gas industry that started in 2015 to its logical conclusion in the next couple of years.

According to him, as part of efforts to end fuel importation by 2019, he currently chairs a steering committee, while there is a technical committee team already set up and headed by the Chief Operating Officer of the Nigerian National Petroleum Corporation.

The minister explained that series of meetings had been held with individuals who were willing to invest in the refineries.

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