The Minister of State for Petroleum, Ibe Kachikwu, says the federal government will pass the Petroleum Industry Bill and revamp the nation's refineries in 2017.

Mr. Kachikwu announced this while highlighting the plans of the petroleum ministry for 2017. The minister said that, apart from completing all outstanding Memoranda of Understanding, the government will leverage the relationship the president has established to attract foreign investors.

Mr. Kachikwu also confirmed that oil blocks will be allocated in 2017, to partly fund the budget, and that the government plans to diversify the refining process for refineries to work optimally.

The minister also pledged to look into security concerns in the Niger Delta region, stressing that government will ensure that the peace efforts put in place are maintained and improved upon.

The government will develop agreements with international oil companies and partners for improved collaboration through engaging policies that will attract investment to the country.

Regarding oil production, the government will start to track oil movement from production to destination, noting that there are too many leakages in the oil production chain in Nigeria.

While highlighting the challenges associated with a public sector driven system, Mr. Kachikwu pledged to ensure that the industry is driven by private hands in 2017.

The gas revolution is also to form a key aspect of the government's policy for the year to boost government revenue. The minister said the nation has four times more gas than oil, and even though oil has contributed immensely to the nation's growth, gas is the future.

Published by ENSafrica, Source: Premium Times