FG To Reduce Its Equity In Oil JVC

Federal Government is considering reducing its equity share in oil and gas production joint venture with multi-national companies.

Petroleum Resources Minister of state, Timipire Sylva, made this known in Abuja, at a retreat with heads of ministries, departments and agencies.

He says the equity shares will be cut from the existing 60 per cent to 40 per cent.

Sylva lists other targets of the ministry under the ‘next level agenda’ as including reduction of the costs of producing crude oil in Nigeria; and raising the Nigeria’s oil refining capacity to three million barrels daily.

Other targets, are completion of gas flaring commercialization, the accelerated passage of petroleum industry bill and intensive exploration of inland oil basins for hydrocarbon deposits.

READ ALSO: CJN Says Supreme Court Will Guard Its Independence

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