Oil companies that fail to stop gas flaring by 2019 would have their licenses revoked, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.
Kachikwu, who stated this yesterday at the 2018 Buyers’ Forum/Stakeholders’ Engagement at the Gas Aggregation Company of Nigeria (GACN) in Abuja, said government would launch the gas infrastructure improvement programme in November. He said the programme has the potential of attracting between $20 billion and $30 billion investments into the petroleum industry and would also help in addressing the infrastructural deficiencies in the industry.
He said there has been a Cold War between the Federal Government and the upstream oil companies as a result of gas flaring, saying while government has been eager to bring the menace of gas flaring to an end, the oil firms are pre-occupied with making excuses for continuing the flaring.
Kachikwu said the main cause of the lingering disagreement the oil firms have with the government on ending gas flaring was cash call and other related financial issues.
Source: Energy Mix Report