*OPTS member-companies paid tens of billions of dollars to Nigeria in 60 yearsPeter Uzoho
The duo of the Minister of State for Petroleum Resources, Chief Timipre Sylva and the Chairman of OPTS, Mr. Rick Kennedy made the disclosures at the 60th anniversary dinner of OPTS held in Lagos, recently. He had also stressed that the initiative would come in handy to businesses, given the country’s enormous oil and gas deposits, adding that the inauguration of the committee the was sequel to the approval granted by the Sylva on 22 June, 2022.
Sylva said, “With formulation of deliberate policies that will encourage investments and enhance businesses in all streets. Owing to the multiple challenges facing the country’s oil sector, Sylva said the industry’s situation could, “best be summarised as prospect good, unstable, unsuitable, with security, technical issues, reduced investment and assets litigation identified as the mitigating factors.”
He said part of the need was to add value to the huge oil and gas resources by making the nation self-sufficient in white products and a refining hub for Africa, revealing that excessive work was ongoing to achieving this aim of making Nigeria a petroleum refining hub. “Over the last decades, OPTS member companies account for 40 to 60 per cent of government revenue and 80 to 95 per cent of export earnings. OPTS member companies are also proud to have paid tens of billions of dollars in taxes, levies, royalties, rents, and license fees to the Nigerian government.