By the end of 2020, the following Policies and Bills would have been approved by FEC and passed by National Assembly for a robust oil and gas sector.
The amendment of the Deep offshore and Inland Basins Act 1999; The National Acreage Management Policy that will govern acreage allocation in the country; and The Petroleum Industry Bill (PIB Text
FDI & Local Investment
By the end of this period the sector would experience increase FDI and local investment as a result of improved business environment, stakeholder’s management and international coordination and enduring peace in the
Niger Delta through the sustenance of the Niger Delta engagement
Cost of Production & Contracting Cycle
By the end of the said period barring unforeseen circumstances, the industry should experience 5-10% drop in the cost of production and an appreciable reduction in the contracting cycle.
Local Refining Capacity
With the rehabilitation of the existing refinery and the coming on-stream of some modular refinery and the phase production escalation of the Dangote refinery by the end of 2020, the nation will be about 50% enough
Refining capacity
Product Availability
The Ministry of Petroleum Resources will work towards product sufficiency threshold for both Marine and land-based stocks of PMS, AGO, HHK, and ATK from the present value to about six months
Gas Revolution
The nation will continue to experience increasing gas utilization projects, coming on-stream of gas flare-out projects since in line with the NGFCP plan, award of permit to access flare gas would have been issued by
August 2020 and 5 million MT LPG consumption achieved
