Thread by @NGRPresident

Hon. Minister of State for Petroleum Resources, @HETimipreSylva will brief the press on the imminent passage of the #PetroleumIndustryBill (PIB), and what it holds for the country. Noon today. #StateHouseBriefing

Watch Live on State House YouTube Page:

Apologies for the delay in kicking off. The briefing is now on:

#StateHouseBriefing #PetroleumIndustryBill

Present at the briefing: HMS @FMPRng, @HETimipreSylva; GMD @NNPCgroup, @MKKyari; and Executive Secretary of the Petroleum Technology Development Fund (PTDF), Dr. Bello Aliyu Gusau #StateHouseBriefing

Discussions emerging around gas, not as a transition fuel but a destination fuel. PIB is seeking to shifting the focus from oil to gas. We're creating dedicated regulator for midstream, which is mostly gas. We should see gas as a renewable fuel in our own context.-@HETimipreSylva

We're looking for oil everywhere we can in the country, so that we can quickly exploit all our reserves before the world moves on from oil. - @HETimipreSylva #StateHouseBriefing

Watch here:

#StateHouseBriefing

Subsidy is one of the reasons why our refineries are not functioning optimally. That constraint will be taken away with deregulation. That is why we must now fix our refineries, so that they can function optimally in a deregulated regime. - @HETimipreSylva #StateHouseBriefing

It is better to privatise/concession a functioning refinery than a non-functioning one. - @HETimipreSylva #StateHouseBriefing

ES PTDF on Host Communities Fund
Says draft PIB prescribes that:
- 75% of the fund must be used for capital expenditure on behalf of communities
- 20% as a reserve fund for future use
- Only 5% for administrative expenses, so that huge bureaucracies do not arise around the funds

.@HETimipreSylva says he expects National Assembly to pass a #PetroleumIndustryBill that the Executive, Legislature, Companies, Communities and all other stakeholders are happy with. #StateHouseBriefing

.@HETimipreSylva: NLNG Train 7 FID is one of the things I'm most proud of achieving. Also the National Gas Expansion Programme (NGEP) and the associated Autogas Program. Also pleased by the commencement of the AKK Gas Pipeline, and declaration of 2021-2030 as the Decade of Gas.

.@HETimipreSylva: I'm glad we are starting to steer Nigeria away from oil towards gas. One of the best ways to diversify the economy of Nigeria is to grow gas. #StateHouseBriefing

GMD NNPC: NNPC importing PMS at market price & selling at N162/L. Actual market price should be between N211 and N234/L. Meaning is that consumers are not paying market price. The difference is being carried in the books of NNPC, and we may no longer be able to carry that burden.

GMD @NNPCgroup @MKKyari: NNPC currently sole importer of PMS, and we're trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because government is cognisant of the implications.
#StateHouseBriefing

GMD NNPC:

-Nigeria's current PMS consumption - i.e. evacuation from NNPC depots - is about 60 million Litres per day

-Cheapest PMS price in any of our neighbours is above N300 per Litre, up to N500 in some countries.

#StateHouseBriefing #Stats

GMD NNPC @MKKyari: @NigeriaGov is vigorously trying to deepen Autogas to deliver alternative fuel for vehicles, which should cost as low as half the price per Liter compared to PMS. #StateHouseBriefing

.@HETimipreSylva: 161 winning bids for Marginal Fields, they've been notified, we've started receiving signature bonuses. So far ~50% of winners have paid. We're expecting ~$600m from the whole process. We also gave allowance for payments in Naira; they have till April 20 to pay

.@HETimipreSylva: Our refineries are NOT archaic. PH Refinery: smaller one was built in 1960s, bigger one commissioned in 1989. A 1989 Refinery cannot by any stretch of imagination be considered archaic. There are refineries that are over 100 years old and still functioning.

HMS @HETimipreSylva: (cont'd) The Port Harcourt Refinery will be as good as new when the rehabilitation is finished. The rehabilitation is a worthy venture. A new refinery of this size will cost us far more than $1.5 billion. #StateHouseBriefing @FMPRng