Sylva Deserves Commendation Not Sack Says P-PESPI.

Sylva Deserves Commendation Not Sack Says P-PESPI.

…….Says Sylva is a great Asset

A group known as the Partner For Petroleum&Energy Sector Prosperity Initiative( P-PESPI) has condemned in strong term the negative narrative and publication in a National Newspaper and some online news platforms by a Civil Society Organizations; Accountable Leadership For Better Nigerian Initiative, ALBNI, calling for the sack of the Hon. Minister of State, Petroleum, Chief Timipreye Sylva over IOCs debt claim in the PSC regime.

In a press release on Tuesday, 5th November, 2019 signed by its National Chairman, Lord Charles Ibiang, he said that the Hon. Minister of State, Petroleum was quoted out of context, when the CSO alleged that Slyva is sabotaging the Government by craving for Government dialoguing with IOCs over the matter concerning PSC arrears accruing, amounting to $62billion Dollars.

It will be recalled that the Accountable Leadership For Better Nigerian Initiative, ALBNI, has called on President Muhammadu Buhari to relieve the Minister of State for Petroleum Resources, Chief Timipreye Sylva of his duties over claims by the latter that debt owed the federal government by the International Oil Companies, IOCs would be difficult to recover legitimately.

The P-PESPI Chairman stated categorically that as close observers of the Petroleum Sector, the group is solidly in support and stand with Chief Sylva and commend his appreciation and deep knowledge of the reality in the Nigerian Petroleum Sector.

“Chief Sylva is a great asset to President Buhari’s administration and the Petroleum Sector in general. Any close watcher of the investment drive in the Petroleum Sector, will realized that IOCS are not or rare injecting new Capital for new Projects, finds or Production, rather what they are engaging is Assets Management and Divestment from Nigeria to other climes where the business, regulatory and political environment is friendly. A lot of FID has not be concluded due uncertainty in our Fiscal & Legal framework guarding the Oil & Gas Sector. Therefore, retaining current investors like IOCS is very important and Strategic, if we must maintain our current activities& Production level 2.5million BPD and attract new Direct Foreign Investments in the Oil & Gas Sector, Lord Ibiang reitraited

He further explained some achievements which Chief Sylva has performed credibly well within his short stewardship of the Petroleum Ministry as unprecedented saying, this deserved Mentioning.

“The NLNG Train 7 has reach an advanced stage of execution and Final Investment Decision to be sign by November, 2019. This is about $17billion dollars investment with the capacity to generate more than 45 thousand Jobs. Imagine the huge impact on Nigerian Economy in terms of FDI, wealth creation, Employment opportunities and Jobs across the value chain of Local Content Ecosystem in Nigeria.

“In the same vein, the two year protracted disputes between SPDC OML 25 and the Belema, Njege and Opu kula Communities has been resolved by Chief Sylva. Over $6billion Dollars was lost due to the crisis. Today, Oil Production has resume at the closed Flow station, Employment is going on, more addion from OML 25 to our current quota, bringing More revenue to Govt, Peace and Development in the host Communities. Abou 15 thousands job expected from it.

Charles Ibiang also revealed another milestone achieved was the resolution of the lingering crisis in the Benin Embayment, of the OPL310 were a Ministerial consent stalled huge investment opportunities not less than $400million dollars from Lekoil and Optimum Petroleum, has recently been resolved amicably by Chief Sylva, giving way to foreign investment or financing Opportunities, thereby creating Employment.

“Other Projects, Sylva’s stewardship has given impetus and fast tracking in the AKK trans Pipelines Project, that will revolutionized the Supply and Distribution of the huge Gas sector for both industrial, consumption(LPG) and provision of feeder stock for our Power Sector.

Lord Charles Ibiang used the opportunity to admonished and call on Civil Society Organizations that serve as Citizen Protectors to always carried out extensive study of issues concerning a State of affairs before commenting, so as not to misinformed the Citizens.

“Besides, barely 5 month on the saddle, the PSC and Inland Basin Act has been passed by both Chambers of the National Assembly and assented to by President Muhammadu Buhari. The P-PESPI congratulate the Nigerians and Commend Mr.President for this historic signing of the PSC Amendment Act. Nigeria now to earned $1.4 billion Annually.
Truly, Chief Timipreye Sylva, must be a Magician or is doing the right thing because he is in a familiar terrain.

“Let us join hands and support an achiever to succeed and reformed the Nigerian Petroleum Sector, which has been characterized by its Opaque nature he wrote, the statement concluded.

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