Amended deep offshore, PSC act’ll boost investment in sector — Sylva

The Minister of State for Pertroleum, Chief Timipre Sylva has clarified that the amended Deep Offshore (and Inland Basin Production Sharing Contract) Act,  was done in recognition of current realities in the oil and gas sector. 

President Muhammadu Buhari recently signed into law the Deep Offshore (and Inland Basin Production Sharing Contract). 

Sylva gave the clarification when he received the Chairman and Managing Director of ExxonMobil in Nigeria, Mr. Paul McGrath, who also doubles as the Chairman of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industries (LCCI) on Tuesday in Abuja.

According to a statement by GGM/Special Adviser on Media to the minister, Garba Deen Muhammad, discussion centered around the activities of ExxonMobil in Nigeria. 

The minister said the aim of signing the Bill into law is to attract more investment in the sector assuring that the federal government would not in in a bid to bring new investors into the oil and gas sector sacrifice its long-term relationship that has been built over the years with existing investors.

He applauded the partnership between ExxonMobil and Nigeria stating that “as partners in progress, frequent collaboration was important.” 

He encouraged ExxonMobil and other Oil firms to always endeavor to ensure full representation at State events that will further cement the partnership.

The ExxonMobil MD appreciated the Minister for his frankness and assuring that the partnershiptheill continue to be sustained and top-level representation at State events, made sacrosanct. 

Mr. Paul further applauded the zeal of the Minister which he likened to his own and expressed his hope that they will continue to have a more profitable relationship. 

He noted his optimism that the two critical sector needs which include, certainty and business competitiveness will be put on the front burner by the Chief Sylva led Ministry of Petroleum Resources. 

He pledged his commitment to sustain the relationship with the federal government through the Ministry of Petroleum Resources while noting that “there is nobody who doesn’t want to invest in Nigeria.”

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