TheCable

Ibe Kachikwu, minister of state for petroleum resources, says there are plans to reduce the role of government in the oil sector.

The minister said this when he met with Rick Perry, secretary of Energy of the United States, on the sidelines of the 24th Africa oil week, currently holding in Cape Town, South Africa.

He said under the leadership of President Muhammadu Buhari, Nigeria has set out the choices that have to be made to develop the sector.

“We have taken significant steps in achieving this through the continuous implementation of the 7BigWins – the Nigerian Petroleum roadmap; which focuses on stabilizing the business environment, enshrining openness and transparency, and developing and entrenching new policies and regulations,” he said.

“These laudable achievements have contributed greatly in helping Nigeria claw back from recession.”

Nigerian delegation (left) and US delegation (right) at the meeting

Kachikwu also spoke on the role the government played in the “joint venture cash call payment agreement, ensuring adherence to due process in the sector, promoting accountability, encouraging sanctity of contracts and reviewing the fiscal policy”.

He said this provided incentives for investment in the sector and optimised revenues for the government.

Kachikwu added that a “comprehensive and holistic” infrastructural map which is being developed by the ministry would be launched in December.

Perry commended Nigeria on the significant steps taken in the oil and gas industry and said the key message and thrust of the United States is to be strategic partners with the most populous nation on earth.

Perry pledged willingness to continue to encourage US companies to invest in Nigeria’s oil sector.

Perry also said the US would be willing to assist Nigeria with access to newer technology and skill set training to deepen Nigerian participation and production in oil and gas.