Home Uncategorized Kachikwu: "We Stopped OPAs, Crude Swap to Cut Rent Seekers"

Kachikwu: "We Stopped OPAs, Crude Swap to Cut Rent Seekers"

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*Says two refineries may come on stream before December Ends

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu on Wednesday said that the federal government decided to do away with the country’s former practices of Offshore Processing Agreements (OPAs); crude-for-products-exchange arrangement and other unprofitable products and crude oil arrangements because it wanted to cut off rent seekers from benefitting from the country’s oil and gas resources.

Kachikwu also explained that the ongoing reforms which the government is undertaking in the country’s oil industry are aimed at, “having the right people doing the right things at the right time for the right purpose, to yield the right results.”

A statement from the Group General Manager, Public Affairs of the Nigerian National Petroleum Corporation (NNPC), Ohi Alegbe in Abuja, disclosed that the minister told members of the National Assembly that stopping the OPAs and all others was all in a bid to avoid rent seekers and add value to the Nigerian hydrocarbon resources.

Kachikwu who reportedly expressed his readiness to work closely with the National Assembly to ensure the speedy growth and development of the Nigerian oil and gas sector, also stated that from reports available to him, two of the country’s four refineries may be re-streamed before the end of December 2015.

According to the statement, the minister explained in a presentation he made to the legislators that the average national crude oil production as at July 2015 stood at 2.1 million barrels per day (mbpd) with the equity production of the Nigerian Petroleum Development Company (NPDC) at 99,000 barrels per day (bpd).

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