By Anthony Areh
The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the proposed Petroleum Industry Bill (PIB), will create wide varieties of features that will drive sustainability of the oil and gas sector.
Sylva stated this at the Virtual Nigeria Energy Transformation Summit (NEITS), organised by Society of Petroleum Engineers.
The theme of the summit is “Changing Global energy landscape: Strategies for industry sustainability”.
“The proposed PIB will also provide a wide variety of features to ensure that natural gas makes the optimal contribution to sustainable industry and national development in the medium to long term.
“The Petroleum Industry Bill will provide a framework for sustained and increased petroleum industry activities in terms of developing gas for domestic market.
“It will also increase oil production under competitive terms to support the goal of a stronger non-oil economy for the benefit of all,” he said.
He added that the global COVID-19 pandemic had made indigenous participation in the Oil and Gas value chain an imperative.
According to him, before the Nigeria Oil and Gas Industry Content Development (NOGICD) Act 2010, Nigerians were mostly spectators in the industry.
“The last 10 years saw an exponential growth in the number of Nigerian Service Providers.
“With the pandemic, encouragement of local industry participation is now an element of national strategy.
“The proposed PIB will further encourage participation of Nigerians in the various Oil and Gas activities.
“Our declaration of 2020 as Year of Gas is now being pursued through the National Gas Expansion Programme to deepen Gas penetration and avail Nigerians options for alternative fuels and cleaner environment.
“As experts, the onus ultimately rests on you to take on the challenges and opportunities the industry and pandemic have created,” he added.
The minister added that the world fast track race to cleaner energy through gas, cognisant of the development in other climes, was a wake-up call for Nigeria to increase efforts and reduce her dependence on oil.
He said that Nigeria must re-jig its petroleum industry and energy framework in order to chart a new course.
“On our part, all efforts are being made to sustain the current relative peace in the Niger Delta for sustained investment.
“The proposed PIB takes care of the foregoing to put Nigeria among the league of investment havens.
“It is therefore our belief that the future is bright and attractive for the Nigerian petroleum industry,” he added.
