Nigeria Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, yesterday said the ministry will next week present the Draft National Oil Policy to the Federal Executive Council (FEC).
The Senior Technical Adviser to Kachikwu, Gbite Adeniji, who made this known at the ongoing stakeholders’ consultation forum on the draft National Gas Policy and National Oil Policy, in Abuja, said the final document which would be ready in the next couple of days, when issued, would be binding on all, including on government, operators, investors and all stakeholders.
He also noted that the new policy document addressing fiscal issues in the petroleum industry would soon be drawn up and presented to stakeholders with the aim of the addressing the thorny issues surrounding fiscals.
He said the last Petroleum Policy was approved in 2006, which is a reflection that the industry is in a completely new world of oil, while time is due to take a fresh look at the industry, ensuring that it reflects current trends.
Adeniji lamented that Nigeria was not prepared for the headwinds brought about by the volatility in the global petroleum industry due to the absence of a clear cut policy and lack of coordination between government and investors.