For Nigeria to continue to be relevant as a major player in the global oil and gas industry, it must come up with innovative ways of exploiting and exploring its abundant oil and gas.
In his opening remarks at the stakeholders’ consultation on draft regulations on implementation of the Petroleum Industry Act Wednesday in Abuja, the minister of Petroleum Resources, Timipre Sylva said that stakeholders in Nigeria’s oil and gas industry “must in designing any regulation put in focus how we can balance the energy base load for Nigeria so that we will not be left behind in the energy transition train while still harnessing our rich natural hydrocarbon reserves.”
Sylva noted that the huge divestments in the hydrocarbon explorations by oil majors in the country in the past as a result of the global energy transition needs to be approached in new ways as the country continues to rely on gas as it transition fuel.
He however said that the enactment of the PIA is expected to open up opportunities in the oil and gas sector of the economy.
“The enactment of the PIA would usher in new investment opportunities in the Nigerian Petroleum Industry with massive opportunities for every industry player.”
The Draft Regulations were prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in conjunction with the Presidential Steering Committee on the Petroleum Industry Act (PIA).
Earlier, the Chief Executive of Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, in his remarks noted the implementation of the PIA will go a long way in driving investment in the oil and gas industry.
