Sylva hopeful of ‘unprecedented’ progress oil sector despite challenges
Towards the end of last year, President Muhammadu assented to the age-long Petroleum Industry Bill, creating a new opportunity for the industry.
Sylva noted that the new law presented an opportunity for cascading investment that would unlock the potential of the sector, adding that the current year will bring to reality opportunities in the nation’s hydrocarbon resources.
Barely a year to the 2023 general election, Sylva on his appointment in 2019, had promised the eradication of smuggling of PMS across Nigerian borders, the completion of gas flare commercialisation programme, increase of total production output to 3 million barrels per day and the reduction of the cost of crude oil production by at least five per cent.
Sylva also listed the increase of domestic refining capacity as well as the implementation of the amended deep offshore and inland basin production sharing contract as his key agenda.