Okowa calls for monitoring of crude oil production

Governor Ifeanyi Okowa of Delta has called for proper monitoring of Nigeria’s crude oil production to ascertain volume and ensure transparency and accountability in the oil and gas sector.

Okowa made the call at the opening of a two-day retreat of the Investment Committee of Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) on Thursday in Asaba.

The retreat with the theme: “Repositioning Federation Investment for Enhanced Revenue Performance” was organised to enhance the RMAFC’s revenue generation and monitoring strategy for improved public spending.

Okowa said to ensure effective monitoring of crude oil production and export, there was need to deploy the latest technology such as Artificial Intelligence/Robotics to guarantee effectiveness and management of cost.

He called for the reduction in delays arising from granting of agency permits that often led to high cost of drilling.

He also said there was the need to urgently address the security challenges besetting the country such as crude theft, kidnapping, piracy and bunkering.

The governor said many oil and gas agreements reached with International Oil Companies/Operators had not been closely monitored, hence the observed low level of compliance.

He pointed out that the agreements were formulated and signed a long time ago and did not reflect present economic realities.


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