The Federal Government has rolled strategies to strengthen the nation’s oil and gas industry as it grapples with the impact of the COVID-19 pandemic on the sector and the global economy.
The Minister of State for Petroleum Resources, Timipre Sylva disclosed this on Thursday at the Seplat Petroleum Development Company Plc virtual summit to mark its 10th anniversary.
Speaking at the inaugural summit with the theme, “Business Sustainability and Strategic Leadership in Africa, Sylva noted that the impact of the pandemic had resulted in production uncertainties, decline in crude oil demand, investment deferment and cancellation. Adding that the left government with huge revenue losses, employment and taxes.
According to the Minister, the FG had embarked on a number of strategies to cushion the effect of the COVID-19 on the economy. He listed the strategies to include curtailment of crude oil production, aggressive capital allocation to priority projects, placement of Industry-wide core cost curtailment measures, and diversification.
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