The implementation of the Petroleum Industry Act (PIA) will attract foreign capital to the Nigerian economy, the Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr Bala Wunti, has said.
The PIA, signed into law by President Muhammadu Buhari on August 16, is targeted at reforming the oil and gas industry.
It is also aimed at promoting transparency and attracting capital flows and revolutionise the oil and gas industry.
Speaking as a Lead Presenter at the Society for Petroleum Engineers Lagos Section Annual Technical Symposium, Wunti said the PIA will bring about certainty, competitiveness and cost optimisation in the industry.
He spoke on the theme, “Operationalising the Petroleum Industry Act – An opportunity for revolutionising Nigeria’s oil and gas industry.”
During the symposium, Wunti gave an overview of the major issues impacting the industry, stating that tremendous progress had been made in tackling the issue of security and cost.
He added that the implementation of the Nigeria Upstream Cost Optimisation Programme (NUCOP) and an industry wide tripartite security framework would address cost and security issues respectively thereby brightening the oil and gas outlook for the country.
In highlighting the themes of the PIA, he stated that the Act delineates clearly, the roles and responsibilities of stakeholders.
This, he stated, would catalyse the growth of the industry in line with the aspirations of the government for the sector as encapsulated in the PIA.
On the PIA implementation plan, Wunti stated that the incorporation of NNPC Limited and the inauguration of the NNPC Board had been completed and all hands were on deck to implement other requirements of the PIA within the set timelines.
He further stated that the 3E’s – Energy Transition, Energy Investment and Energy Crisis – are key game changers in revolutionising the oil and gas industry.
Specifically, Wunti explained that the recent energy crisis evidenced by the highest ever gas price was as a result of the global drive to achieve a net zero emission future buoyed by stringent Environmental, Social & Governance (ESG) requirements and activist investors.