Vice President, Yemi Osinbajo, SAN, has urged stakeholders in the oil industry to find and agree on cheaper means of producing oil in the country.
Osinbajo also said that there is need for stakeholders in the sector to agree on how to create a more competitive environment and also maximize opportunities in the oil and gas industry.
The vice president said this at a virtual meeting on the Petroleum Industry Bill (PIB) with stakeholders in the industry under the auspices of the Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG) on Tuesday.
His spokesman, Laolu Akande, disclosed this in a statement on Wednesday.
Osinbajo said, “We need to agree on terms that will give us a more competitive environment.
“We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.”
The new PIB was presented to the National Assembly by President Muhammadu Buhari in September last year.
It has already passed the second reading in both the Senate and the House of Representatives.
The aim of the PIB is to foster sustainable development in Nigeria’s oil and gas industry.
PIB: Osinbajo tasks stakeholders to produce enough oil at cheaper costs