‘Buhari will reduce overdependence on oil’

President Muhammadu Buhari has promised that his administration would play more proactive and effective roles in the affairs of the Organisation of the Petroleum Exporting Countries (OPEC).

Speaking in Vienna, Austria at the ongoing OPEC international seminar, Jamila Shu’ara, head of Nigeria’s delegation to the 167th OPEC meeting, said the organisation would fare better under Buhari, a one-time minister of petroleum resources in Nigeria. Shu’ara expressed appreciation to OPEC for the support extended to Nigeria, noting that Buhari would create an enabling environment for business to thrive in Nigeria. She expressed the commitment of Buhari’s administration to prosecuting the amnesty programme in the Niger-Delta with a view to bringing about lasting peace and stability in the area as well as in other parts of Nigeria, thus making the operational environment safe and attractive once again. “I am here to covey to all heads of delegation of OPEC member countries, and indeed representatives of other countries, President Muhammadu Buhari’s gratitude, that of the government and the people of the Federal Republic of Nigeria to member countries of our organisation, and indeed the international community, for the keen interest shown and, in some cases, the support given to Nigeria towards the implementation of what has become a very successful political transition programme,” she said. “Nigeria is committed to tackling corruption especially in the extractive industry and will strive to bring back transparency and accountability in public life especially in the petroleum industry, which is the mainstay of national economy. “We are committed to investing in the whole petroleum value chain, in order to add more value to our national economy from our natural resources and reduce our over dependence on exported crude oil revenue. “I am to assure OPEC Heads of Delegation, of a new dawn in Nigeria and the capacities of a new President who understands and appreciates the prospects and challenges of our Organization like no other former Nigerian head of state, having being a minister of petroleum resources before.” Shu’ara’s remark was followed by an incisive presentation to the 6th OPEC international seminar by Joseph Dawha, group managing director of the Nigerian National Petroleum Corporation (NNPC). Dawha said that despite the odds, crude oil will continue to play an important role in the future world energy balance for decades to come noting that improved use of technology in the oil and gas sector will continue to resolve difficult challenges regarding oil supply in the world energy market and thus achieve a more efficient use of existing oil resources, discover new oil reservoirs, with greater accuracy and also lead to more efficient oil extraction from existing fields. “New technology and climate change would most likely once again dramatically change the landscape of future oil supply by rapidly increasing supply sources and applying significantly downward pressure on oil prices. Additionally, with traditional oil importing nations becoming more self-sufficient, the struggle for available markets is likely to become even fiercer,” he said. “Environmental protection and sustainable development continue to be of great importance, we should also aim to adopt environmental policies that guarantee sustainable production as we seek to secure future diminishing oil markets.”