By Etuka Sunday
The Minister of State for Petroleum Resources, Chief Timipre Sylva said Nigeria has come to terms with application of domestic gas as a platform to drive a truly sustainable in-country economic diversification. Chief Sylva spoke while delivering his keynote address on the occasion of the 13th Annual International Conference of the Nigerian Association of Energy Economics (NAEE) held at the PTDF Conference Centre in Abuja, Thursday. He said, COVID-19 and the progressive decline in the crude oil prices in 2020 has made it imperative for Nigeria to aggressively pursue the diversification of the economy. The minister also said, there was need to diversify the country’s portfolio to non-oil businesses so as to cushion the effect of the future crash in crude oil prices and position the oil and gas industry for growth in the post COVID-19 world.
•Ask FG to suspend royalty, tax on gas
Energy experts, yesterday, raised concerns about Nigeria’s energy sector, insisting that the country’s economy faces serious uncertainty going by the poor outlook of the sector.
The experts, drawn from top private and public institutions, including the Nigerian Association for Energy Economists (NAEE), projected a catastrophic scenario if the Federal Government remains adamant on urgently addressing challenges bedevilling the sector.
The experts spoke at an event in Abuja organised by the NAEE on ‘Energy and Petroleum in a Post Covid-19 World’. Even after the pandemic, State Minister of State for Petroleum Resources, Timipre Sylva, who delivered an eight-minute speech at the event said it is unlikely the oil and gas sector would quickly recover. He, however, noted that efforts by the Organisation of the Petroleum Exporting Countries (OPEC) and other allies as well as Covid-19 vaccination were yielding positive results.
Timipre Sylva
The Minister of State for petroleum Resources, Chief Timipre Sylva says the federal government is strategising to ensure efficient oil and gas sector in the post COVID-19 era.
Sylva made this known while presenting a keynote address at the 13th Annual International Conference of the National Association of Energy Economics (NAEE) in Abuja on Thursday.
The theme of the Conference is “Energy and Petroleum in post COVID-19 world’’
“Our strategy to strengthen the Nigerian oil and gas industry in a post-COVID-19 world is to transform our national oil company into a diversified energy holding company.
“This will enable us respond swiftly to the twin challenges of a future crash in crude oil prices and decarbonization, by moving rapidly to becoming an energy holding company with more diverse interests.
FG strategises for post COVID-19 oil, gas sector era – Sylva
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The Minister of State for Petroleum Resources, Chief Timipre Sylva says the federal government is strategising to ensure an efficient oil and gas sector in the post-COVID-19 era.
Sylva made this known while presenting a keynote address at the 13th Annual International Conference of the National Association of Energy Economics (NAEE) in Abuja on Thursday.
The theme of the Conference is “Energy and Petroleum in the post-COVID-19 world’’
“Our strategy to strengthen the Nigerian oil and gas industry in a post-COVID-19 world is to transform our national oil company into a diversified energy holding company.
FG unveils strategies to survive pandemic, future oil price crash
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…How we are navigating pandemic challenges – PTDF
By Michael Eboh
Minister of State for Petroleum Resources, Chief Timipre Sylva, Thursday, disclosed that the Federal Government has adopted key strategies to help strengthen the Nigeria petroleum industry after the COVID-19 pandemic and also insulate the economy from a future crash in the prices of crude oil.
This was also as the Nigerian Association for Energy Economics, NAEE, argued that the Nigerian petroleum industry, had over the last 20 years, showed that it lacked the necessary capacity to change and adapt to global trends.