On the 12th of January, 2021 OPTS Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG) met with Vice President Yemi Osinbajo, SAN, at a virtual meeting on the Petroleum Industry Bill (PIB) with other stakeholders in the industry.
Present at the meeting was the OPTS Chairman, Mike Sangster, Chairman and Managing Director of ExxonMobil in Nigeria, Richard Laing; the Chairman of Chevron Nigeria Limited, Rick Kennedy; and the Chairman of IPPG, Ademola Adeyemi-Bero, among others.
Vice President Yemi Osinbajo stressed that there was need for the key actors in the sector to agree on terms to create a more competitive environment.
He said “we need to agree on terms that will give us a more competitive environment. We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.”
Continuing the Vice President said “I like the concept that gas should be an enabler for quick development and I think that we must reach some kind of balance with this, especially with this question around domestic gas obligation. I would like OPTS and IPPG to look more carefully and see in what ways we can come to some agreements as to how it should be done.”
Commending the efforts of the current administration in guiding the process of having a new law for the industry, Mike, said stakeholders remain committed to making Nigeria the “preeminent hydrocarbon province” in the region and the world.
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