Kachikwu: oil, gas tracking’ll improve transparency

Economy

Business / Economy 15 Views comments

The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has said the Department of Petroleum Resources’ (DPR) Crude Oil and LNG Tracking (COLT) and other automation initiatives will improve operational transparency in the oil and gas industry. Speaking during a ministerial briefing on key achievements of the DPR on COLT and other automation initiatives of the oil and gas regulator in Lagos yesterday, he said some of the automation initiatives include the Automatic Downstream System (ADS), Accelerated Lease Renewal Programme, and forensic examination of questionable vessels bringing petroleum products into the country. The initiative will track transparency in operations such as licensing of petrol stations, track actual oil production volumes, royalty recovery and production cost reduction, among others. Kachikwu said his clear mandate as a Minister of State is to try and change the oil industry, because it was looking like a value dip in terms of the reputation of the industry and some of the issues of corruption that were all over the place. He said: “Whilst we are celebrating a whole lots of things that we have done, the 7-Big Wins, NNPC Restructuring, the cash call issues, subsidy removal at some point, the reality is that DPR has been a regulator that has been working very hard and when they eventually got to the milestone that we have today, I said it should let people know what they have been doing over the last couple of years.

Comments