PIA: a Panacea for the Oil and Gas Industry

By John Obot

The Chief Executive Officer of the Nigerian National Petroleum Corporation Limited, Mallam Mele Kolo Kyari has reassured Nigerians that the Organization will always ensure transparency in its operations so as to add value to the economy for the benefit  of all Nigerians, noting that the passage of the PIA  is a welcome development for the  repositioning of  the nation’s Petroleum Industry.

He gave the assurance at this year’s Energy Conference organized by the National Association of Energy Correspondents of Nigeria, NAEC in Lagos.
Speaking on the theme of the Conference, entitled “Energy Transition, Shaping the Future of Nigeria’s Energy Industry – Appraisal of Petroleum Industry Act – Evolving Benefits And Challenges”,
Mallam Kyari said the transition would move Nigeria away from usage of fossil fuel to a much cleaner energy in which other countries of the world had advanced.
” With PIA the way forward for energy transition in the country is sure and Nigeria is seriously working in collaboration with the rest of the world to ensure carbon neutrality and emissions reduction so as to achieve cleaner energy”.
Mallam Kyari, however, expressed regrets over the insessant oil theft and pipeline vandalism going in in the Niger Delta and promised that Government would collaborate with the  Security Agencies to continue to beef up security of major oil and gas assets and facilities in the region.
He however commended the Conference organizers, NAEC for their annual overview of the Industry and the impact of the Conferences.
The Conference Chairman and Managing Director of Falcon Corporation, Mrs Audrey Joe – Ezigbo explained that different levels of energy were being harnessed in other climes, hence the need for Nigeria to also strive for her energy transition for the benefits of the people.
“As Nigeria’s population grows higher, her demand  for electricity and other energy usage would also grow double hence a need for a deliberate effort to constantly engage in discussions on ways for energy transition in the country as Nigeria could not afford to continue to depend on a diesel economy. There is therefore the need for a rethink of ways to explore the large gas resource in the country for the good of the people”.
Mrs Joe – Ezigbo noted that on a global energy scene, especially with the war situation in Ukraine and Russia, Nigeria needed to tap the available opportunity from what was happening there and leverage on the provisions of the PIA,  create infrastructure, ensure value chain, economy of scale, strengthen Regulatory and Political spaces, using the instruments of the Act as an enabler.
A member of the first Panel of Discussants on the theme of the Conference, Miss Ololade Olubisu of Oando plc who said  Nigeria had everything needed to unlock the gas transition, using the provisions of the PIA”.
Others were the President of NAPE, Dr James John Edet and Professor Olalekan Olafuyi of Uniben who listed the challenges of the Industry to include, among others, reaching an acceptable pricing, securing Investor’s confidence and need for adequate security of key assets and infrastructure in the sector.
PIA, they all agreed, would re-defined the jobs of the Regulators in the Industry, for efficiency of the system.
In a keynote address, the Representative of the Chairman of Exon Mobil Limited, Mr Richard Links,  and Manager, Communication, Mr Ige Udiagha said NAEC has a responsibility to keep talking on issues that bother on the development of the Petroleum Industry.
” Nigeria attracts  paltry four percent of total investment in global oil and gas rating hence the need for a way out of the situation”.
Also speaking in the same vein, the Communication Manager, Chevron, Mr Victor Anyaegbudike commended the Organizers of the Conference, NAEC, for its continuous contribution to the growth of the Industry and lauded the numerous opportunities which would come with the PIA.
  ” It would enhanced operations in the Industry as it relates to the future of gas in Nigeria which has higher capacity to adapt and develop energy for the good of the people”.
For the Managing Director of Heritage Energy Services, Mr Adogbeji Oseragbaje, the Act has brought with it the task of repositioning the Petroleum Industry, adding that the work must start now.
Representatives of both the Chief Executives of Nigeria Upstream Regulatory Commission, Engineer Gbenga Komolafe and his Downstream Regulatory Authority counterpart, Alhaji Farouk Ahmed delivered goodwill  messages  in which they pledged commitments towards  effective regulations of the Industry for the benfit of the stakeholders and Nigerians .

The one day conference  attracted stakeholders in the oil and Gas industry from across the country.

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