The Federal Ministry of Petroleum Resources and stakeholders in the oil and gas sector have highlighted the need to implement the 2021 Petroleum Industry Act (PIA) for economic growth.
The Permanent Secretary of the Ministry of Petroleum Resources, Ambassador Nicholas Ella, among other stakeholders made the call at a one-day stakeholders engagement on ‘Harnessing the Petroleum Industry Act (PIA) as a Catalyst for Investment in Nigeria’s Oil and Gas Sector’ in Abuja.
Represented by Mr Mohammed Abubakar, Director, Mid Stream and Downstream, at the meeting organised by the Ministry of Petroleum Resources, Ella recalled the enactment of the PIA in 2021, which targeted to promote efficiency, boost transparency, and enhance sustainable practices.
“The PIA also marks a new chapter for investors, providing clarity and stability in fiscal regimes, which are essential for fostering both local and international investment.
“In 2023, Nigeria saw a rebound in oil production, averaging 1.4 million barrels per day in the third quarter, a significant improvement from the previous year.
“This resurgence was driven largely by the enhanced operational environment fostered by the PIA, as well as the continued efforts to combat oil theft and pipeline vandalism.
“I encourage all stakeholder, whether from government, industry, investment, or host communities, to focus on actionable outcomes that will maximize the benefits of the PIA,” he said.
He said with the PIA, Nigeria is ready to lead Africa in energy investments, attract global capital, and maintain its pivotal role in the international energy arena.
The Executive Secretary of Petroleum Technology Development Fund (PTDF), Mr Ahmed Galadima, in his remarks, noted that they had engaged in human capacity development, Research and Development for technology innovations and institutional development to support energy transition and gas development initiatives.
Represented by Mr Muhammad Abdulrahman, Deputy General Manager, Education and Training Department, Galadima said PTDF was committed to aligning its strategies with the key drivers of the PIA to enhance local participation.
“We will ensure that Nigeria benefits fully from its hydrocarbon wealth and the government’s efforts in energy transition.
“We have a comprehensive roadmap that focuses on expanding our partnerships with international Research and Academic Institutions, oil companies (IOCs), and multilateral organisations.
“This will support skills transfer, enhance capacity building, and integrate cutting-edge technology into Nigerian operations that will enhance the Oil and gas value chain.”
On the development of gas innovation and renewable energy research centres, he said they would support the desire of government to meet global efforts on energy transition targets and objectives of the Global Energy Planning Targets.
Dr Mohammed Shehu, Chairman VG Energy, while speaking on “Unlocking Nigeria’s Oil and Gas Potential through the PIA and Leveraging Technology to Combat Oil Theft and Boost Government Revenue”, said technology was revolutionising systems.
Shehu said the government could deploy pipeline surveillance and monitoring systems, blockchain technology for supply-chain management, Internet of Things, Artificial Intelligence to boost activities in the Oil and Gas Sector.
Mr Gideon Obande, an official with Young Innovators of Nigeria (YIN), said Nigeria needed to ascertain the quantity of crude oil produced daily to be able to track what is being stolen.
“There has to be a systemic address of production level to be able to address the operations to the level where we can be precise on barrels of oil we produce as a nation and track the stolen one,” he said.
The Oil and gas investment Compendium was unveiled by the Permanent Secretary of Ministry of Petroleum Resources.
The compendium aims to provide potential investors with a comprehensive guide to Nigeria’s oil and gas projects and other benefits.
ALSO READ THESE TOP STORIES FROM NIGERIAN TRIBUNE
