11 Jun 2015

Federal Government promises to sanitise petroleum sector

The Federal Government has expressed commitment to tackle corruption and bring back transparency and accountability to the petroleum industry.

The Head of Nigeria’s Delegation to the 167th OPEC Meeting, Dr. Jamila Shu’ara, said: “Nigeria is committed to tackling corruption especially in the extractive industry and will strive to bring back transparency and accountability in public life especially in the petroleum industry which is the mainstay of national economy”

She however expressed government’s commitment to playing more proactive and effective roles in the affairs of the cartel, as the immediate past Minister of Petroleum, Mrs Diezani Alison-Madueke bows out.

Shu’ara stated that Nigeria under the leadership of Muhammadu Buhari, a one-time Minister of Petroleum Resources and Head of Nigeria’s Delegation to the OPEC Conference, will continue to work for the realization of the aims and objectives of the organization.
“I am here to covey to all Heads of Delegation of OPEC Member Countries, and indeed representatives of other countries, President Muhammadu Buhari’s gratitude, that of the government and the people of the Federal Republic of Nigeria to member countries of our organization, and indeed the international community, for the keen interest shown and, in some cases, the support given to Nigeria towards the implementation of what has become a very successful political transition programme,” She said.
She noted that the Buhari Administration is committed to prosecuting the amnesty programme in Nigeria’s Niger-Delta with vigour with a view to bringing about lasting peace and stability in the area as well as in other parts of Nigeria; thus making the operational environment safe and attractive once again.

However, the uncertainty in the crude oil market has resulted in huge revenue and job losses and threatening investment in future production capacity, according to OPEC.

Qatar’s Minister of Energy and Industry, Alternate President of the OPEC, Dr. Mohammed Bin Saleh Al-Sada, who made this disclosure at the seminar yesterday, said the last nine months or so have been particularly challenging for the oil industry.

According to him, crude oil prices lost half their value as crude oversupply and speculation combined to upset the relative stability seen in oil markets over the previous years.
He stated: “Looking at the oil market today, there are a number of reasons to feel more optimistic about the general situation going forward. The global economic recovery is showing encouraging signs, oil demand is improving. Indeed, going by current trends, there should be a more balanced market in the second half of the year.

“Of course, we are not out of the woods yet and we are still faced with a lot of uncertainty.
Credit: Nigerian Guardian

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