FG Moves Against Revenue Leaks In Oil, Gas Sector

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LAGOS – The Federal Government yesterday said it would not rest on its oars in intensifying efforts to address revenue leaks from the oil and gas industry which has unsettled the nation’s economy.

It also said transparency and promotion of ease of doing business would act as vehicle that would drive the growth of the industry in line with the agenda of the current government and international best practices.

Dr.Ibe Kachikwu, Minister of State for Petroleum Resources, who disclosed this in Lagos at a ministerial briefing on the achievements of Department of Petroleum Resources on Crude Oil and LNG Tracking (COLT) and other automation initiatives, said he was over the value dip in terms of the reputation of oil industry and some corruption challenges therein.

“One of the key areas of focus was issue of transparency; how do we ensure that we are transparent in our operations, how do we ensure that we have speed to get approval for licenses that previously will take forever.

“How we ensure that money that is collected in this sector is tracked and goes straight into the federation account. One of the problems we have is that what quantity of crude we produce, how much are the leakages. We have rolled around this for decades and I told them I want us to be able to tell Nigerians everyday what we produce with some certainties’’, he said.

He said the ministry has been able to track production, its movement following the launch of series of IT based platforms and interventions which enables the country to launch a roadmap of how oil companies and oil operations should run in the country.

According to him, one of the interventions, National Production Monitoring System (NPMS) which includes using online to gather data to be able to track online/real time data of the nation’s crude oil productions

“All our fields are largely tracked online now and what it means is that we can actually feed the nation on what was our actual production and from which fields and what is the volume and also identify if there are leakages.

‘’We have also had the COLT which is basically tracking of crude oil and LNG. It is just not enough to produce, but to know where it is going to. As you know, some of our problems is both accounting for production and what happened to crude oil produced.”

Source: independent.ng