Petroleum Ministry seeks new prospects for hydrocarbon development

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The Ministry of Petroleum Resources has said it will not relent in its drive to open new vistas for the development of hydrocarbons in the country.

Speaking during the 2nd National Council on Hydrocarbons in Uyo earlier today, which had the theme, “7 Big Wins: A Framework for Realising the Potentials of Hydrocarbons”, Permanent Secretary in the Ministry, Dr. Folashade Yemi-Esan said the resolve was hinged on government’s approval of the new policies on oil and gas.

She said constant fluctuation in oil revenue globally has necessitated the need to diversify the oil and gas sector and provide viable alternative source of revenue for the country.

She noted that with the support of the government, the ministry will be more responsive and proactive to promote massive exploration of the untapped potential of the nation’s hydrocarbon resource.

“With constant fluctuation in oil revenues globally, it is only wise to begin to leverage on creative means of diversifying the oil and gas sector so as to open up the sector to more and better business opportunities as well as provide viable sources of revenue for the county as encapsulated under the aims and objectives of the 7 Big Wins.

“In this regard, the Ministry will not relent in seeking new areas for the development of Hydrocarbons. The recent approval of the National Gas and the Oil Policies by the Federal Executive Council has given us added impetus to pursue that resolve.

“The present administration has clearly shown its preparedness to take the industry to the next level, hence we must justify this support by being more responsive and proactive in carrying out our assignment,” she said.

Also speaking, Commissioner for Transport and Petroleum Resources, Akwa Ibom State, Mr. Orman Esin said the hosting of the event and the discourse on hydrocarbons in the state was timely, an indication that Akwa Ibom has been honoured as the highest oil-producing State in Nigeria.

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