Task before Sylva as he assumes duty

Uche Usim, Abuja

Driving down the production cost of oil production, attracting new investors to the sector and sustaining the 7-Big Wins programmes of his predecessor may be the major issues the new Minister of State, Petroleum Resources, Mr Timipre Sylva would be confronted as he assumes duty.

Sylva assumed duty on Wednesday afternoon, shortly after being assigned his portfolio by President Muhammadu Buhari; with a pledge to reposition and chart a course for the Nigerian petroleum sector.

While pledging to work with experts at the Nigerian National Petroleum Corporation (NNPC) and the other departments and agencies under the Ministry to move the sector forward, industry watchers have asked him to walk the talk as there are several issues bugging the sector.

Firstly, Sylva should take off from where his predecessor, Dr Ibe Kachikwu, left off with regards to planned efforts to reduce the cost of oil production from $23 per barrel, $15 per barrel.

This, he should do in collaboration with the private sector to grow  the nation’s foreign direct investment.

Analysts say the challenges of the Nigerian environment being starved of needed infrastructure can no longer hold water giventhere are several countries with Nigeria’s peculiar situation that are producing oil at relatively cheaper costs.

Another area he would need to focus is the 7-Big Win Blueprint of the industry launched by Ibe Kachikwu. That Blueprint covers all aspects of Policy and Regulation, national oil policy, national gas policy, downstream policy, fiscal reform policy, petroleum industry reform bill, business environment and investment drive; Accelerated Income Streams, upstream, midstream, downstream; Gas Revolution, gas infrastructure development, gas revolution projects, promotion of domestic ultilisation of LPG and CNG, reduction of gas flaring, gas commercial framework implementation and gas to power.

The objective of the gas revolution agenda is to transform Nigeria from an oil-based economy to gas-based through the development of robust gas infrastructure that would ensure improved power availability and drive the establishment of gas-based industries.

However, at a welcome ceremony for the new Minister in Abuja, Sylva stated that with the calibre of workforce in the Ministry, he was sure that the nation’s oil and gas sector would move to the next level.

As a former Governor of Bayelsa State, the new petroleum minister brings on the job years of cognate experience in the petroleum sector, having contributed profoundly to the institution of the Amnesty programme in the Niger Delta region which over time, has led to restoration of peace in the oil producing areas of Nigeria.