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From Uche Usim, Abuja
The Federal Government, on Friday, announced the resumption of Petroleum Sharing Contracts (PSCs) with a vow to resolve all pending disputes, develop and monetize over 10 billion barrels of crude; potentially generate revenue in excess of $500billion to stakeholders and ultimately attain energy security for the country.
The General Manager, National Petroleum Investment Services (NAPIMS), a corporate services unit in the Upstream Directorate of the Nigerian National Petroleum Company Limited (NNPC), Bala Wunti, made the disclosure in Abuja at the signing of new PSCs with operators.
According to him, since the introduction of the PSC into Nigeria’s hydrocarbon production algorithm, over 5.9billion barrels of oil equivalent has so far been produced and monetized by its various arrangements.
Speaking earlier, the Group Chief Executive Officer of the NNPC, Mr. Mele Kyari said strategic steps were being taken to tackle the oil theft in the Niger Delta region and generally improve security for the operators to function unhindered. He regretted that insecurity has robbed the NNPC and other players room to operate optimally.
