Oil & Gas industry on resurgence, crude production now 1.6mbpd

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Oil &Amp Notícia

Gas Industry,Tinubu

President Bola Tinubu has disclosed that his administration is on course towards revamping the nation’s oil sector. Tinubu, in a nationwide broadcast to pacify the EndBadGovernance protesters said the nation’s once declining oil and gas industry was witnessing a resurgence under his administration.

The president expressed optimistic that the CNG initiative would reduce transportation costs by approximately 60 per cent and help to curb inflation. He said, “Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy.

“To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO. “We have started the distribution of conversion kits and setting up of conversion centres across the country in conjunction with the private sector. 'We believe that this CNG initiative will reduce transportation costs by approximately 60 per cent and help to curb inflation,' he said.

 

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