The Federal Government on Monday said that plans are underway to deploy technology that would track and account for every molecule of crude oil produced in Nigeria by 2019.
The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, made this known in a podcast released in Abuja on Monday, October 30, 2017.
According to him, the federal government is working with the Department of Petroleum Resources (DPR) to create an IT platform to monitor crude production.
His words: “There is the issue of crude tracking – how do we track every molecule of products we have, crude and refined products?”
“We are putting together an IT platform that will enable us do this. We are working with DPR and hopefully, by 2019 the issues of whether we could not account for our crudes will no longer occur.”
“We are planning our marginal fields’ rounds and we are planning our inland basins rounds. It is going to be a transparent process to bring people to get us more oil. The rules are going to be out soon once they are approved by the President.”
“We were able to exit the joint venture cash call. Still a bit of things to be ironed out there, but for the first time, multinationals began to have belief in their need to invest in the country. The amount of investment requests we are seeing from joint venture cash call members is today in excess of $14bn-$15bn, which is for the purpose of projects like Zabazaba, Bonga extension programmes and all that.
“Multinationals are beginning to have confidence that this system is working. We delivered an open NNPC, a lot of work still needs to be done there.
“We are going to be rolling out our fiscal policies, which are now waiting FEC approval. Those fiscal policies will expand income in the short term over $2bn a year to the Federal Government; but on a long term, over $9bn.”
Kachikwu said the government would further deepen its engagement with citizens from the Niger Delta, adding, “Next week, I am going back there to talk to the governors of the region, the oil companies and to put a seed to some of the agreements we have made.”