The Federal Government, yesterday, disclosed that from next year, it would commence the revocation of the licences of oil companies that failed to stop flaring of gas in their operations in the country.
Speaking at the 2018 Buyers’ Forum/Stakeholders’ Engagement organised by Gas Aggregation Company of Nigeria, GACN, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, also stated that the Federal Government would launch the infrastructure revamp programme in November.
According to him, the programme has the potential to attarct between $20 billion and $30 billion of investments into the petroleum industry and also help address the infrastructural deficiencies in the industry.
On the gas flarring issue, Kachikwu revealed that the Federal Government had been locked in a battle with upstream oil companies over the issue, explaining that government was keen on ending flaring .
He, however, lamented that oil companies still give a lot of reasons gas flaring could not be ended. According to him, the bottom line of the disagreement the oil firms have with the government on ending gas flaring is cash call and money.
He said: “Government wants to end flare, oil companies still give lot of reasons flare cannot be ended. Bottom line is cash call and money.