The Minister of State for Environment, Mrs. Sharon Ikeazor, announced that the Nigerian government remains committed to increasing its hydrocarbon export base, which she says will increase employment opportunities for Nigerians.
The Minister disclosed this on Sunday in Abuja in a meeting with stakeholders on the Environmental Impact Assessment of the proposed Ameshi and Enyi Field Development Project, by Sterling Exploration and Production Company Ltd (SEEPCO). She also added that increasing clean Hydrocarbon exports is one of the main economic priorities of the administration.
The Minister said that Hydrocarbon exploration must be done in an ecofriendly and clean way to prevent negative effects like environmental degradation.
She added that the FG is serious about environmental permits on hydrocarbon drilling sites, citing the Environmental Impact Assessment Act which gives the power for a stop-work order to oil drilling companies.
“Towards this end, and in exercise of its regulatory responsibilities, the ministry of environment has observed that SEEPCO did not obtain all the required regulatory permits before embarking on drilling at a site, in clear violation of section 62 of the Environmental Impact Assessment Act.
“Consequently, a stop-work order of July 6, 2020 was issued to SEEPCO,” she said.
What you should know
Nairametrics reported in September that NNPC signed a gas development deal with Sterling Exploration and Energy Production Company (SEEPCO), for the development and commercialization of gas from Oil Mining Lease (OML) 143.
Also reported in September was that crude oil exports accounted for 70% (N1.55 trillion) of the total value of exports in Q2 2020. However, crude oil exports decreased in value by 47.2% in Q2 2020 compared to Q1 2020 and 60.5% year-on-year.
Nigeria’s total foreign trade (import and export) dropped by 27.46% year on year in Q2 2020, when compared to N8.61 trillion recorded in the corresponding quarter (Q2) of 2019.
Spain took over from India as Nigeria’s top export destination in the second quarter (Q2) of 2020. The European nation got 14% (N310.7 billion) of the total export trade of Nigeria in Q2 as against the 9.87% (N402.93 billion) recorded in Q1 2020.
Download Nairametrics App for breaking news and market intelligence.