The Minister of State for Petroleum Resources, Dr Ibe Kachikwu has disclosed that out of forty licenses issued for modular refinery projects only ten are making progress.
He said however out of the number three are likely coming on stream by end of 2019.
Kachikwu disclosed this at the 3-days Biennial International Conference for Health, Safety and Environment (HSE) organised by Department of Petroleum Resources (DPR)in Lagos on Monday.
He told participants that “out of the 40 private licenses issued to private investors to build refineries, only 10 have showed signs of progression.
The minister said that the conference is a renowned and highly-professional forum for pooling ideas and research findings for the incubation of enduring and game-changing oil and gas policy initiatives.
“Perhaps this edition of the conference could not have come at a better time, first to allay the popular fear that the days of oil and gas as an international commodity and energy source are over.
“And secondly, to stimulate new ideas on sustainable ways of developing this resource in a manner that will both prolong its acceptability as an energy source and also help the nation reap optimal benefits,’’ he said.
Kachikwu said that environmental sustainability is a key component of the Seven Big Wins initiative of the President Muhammadu Buhari Administration for the oil and gas Industry.
He said that with the continuous inflow of statistics from the DPR highlighting the gory state of affairs on gas flaring and the failure of previous efforts to end the menace, the ministry had to come up with new initiatives to truly incentivize the flare-out policy by creating the new National Gas Policy.
Meanwhile, the Director of Department of Petroleum Resources (DPR), Mr. Modeccai Ladan, urged stakeholders to galvanize efforts at maximizing Nigeria’s production and minimize wastage.
Ladan explained that the oil and gas industry seems to be under a new threat, which is the renewed dislike and global war against fossil fuels and the quest for renewable and cleaner energy, purely for environment considerations, chief among which is the concern about global warming.