Vice President Yemi Osinbajo, SAN, urged oil sector players to identify and compromise on the country’s cheaper means of processing oil.
Osinbajo has suggested that there is a need for market leaders to cooperate on how to build a more sustainable atmosphere and also optimize opportunities in the oil and gas business.
The vice-president said this at a virtual meeting with industry stakeholders under the auspices of the Oil Producers Trade Section (OPTS) in Nigeria on the Petroleum Industry Bill (PIB) and the Independent Petroleum Producers Group (IPPG) on Tuesday.
This was disclosed by his spokesman, Laolu Akande, in a statement on Wednesday.
Osinbajo said, “We need to agree on terms that will give us a more competitive environment.
“We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.”
In September of last year, President Muhammadu Buhari introduced the new PIB to the National Assembly.
In both the Senate and the House of Representatives, it has now passed the second reading.
The PIB’s mission is to encourage sustainable growth in the oil and gas sectors of Nigeria.