The Honorary Special Adviser to the President on oil and gas, Dr. Rilwanu Lukman has said that the federal government would review exploration and production contract agreement with International Oil Companies (IOCs).

He disclosed this on Tuesday at a Press Conference which held at the NNPC Towers, Abuja.

He said that the memorandum of understanding that guided the Joint Venture and the production sharing contracts stated clearly the need to review the agreement by the two parties within an agreed period of time.

While noting that the federal government enjoyed a mutually beneficial relationship with the IOCs in the past, Dr. Lukman said that reviewing the agreement would help the new administration and the oil and gas sector reform committee have a clear blueprint on oil and gas exploration in the country.

He remarked that since the new legislation for the oil and gas sector was not ready, government would continue to use the legislation currently in place pending the enactment of the new laws by the National Assembly.

Dr. Lukman who said that government has made sustained progress in the drive to restructure and strengthen the oil and gas industry, explained that the National Energy Council (NEC) would not act primarily as an auditor of the industry but as adviser professing possible solutions to government on how to make the industry productive and by extension, meaningful to Nigerians.

Dr. Lukman said that escalating prices of crude oil at the international market would not augur well for producing countries as it would compel increased search for alternative sources of energy should the price of crude continue to jump.