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‘PIB Will Create Enabling Environment For Oil Industry’

The federal government has said that the Petroleum Industry Bill (PIB) now being considered by the National Assembly would help to create the desired environment for the nation’s oil and gas to thrive and add value to the lives of Nigerians.

The government said a clement environment for the industry had become desirous in order to make the sector a desired destination for investors where they could grow their profits and have leverage for the expansion of their businesses.

Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, stated this recently in Lagos at the opening ceremony of the 38th Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers (SPE) Nigerian Council with the theme, “Africa’s energy corridor: Opportunities for oil and gas valve maximisation through integration and global approach.’’

She said the country had set in motion modalities to arrest pipeline vandalism, crude oil theft as well as put in place legislation through the PIB.

According to her, adequate provision had been made for petroleum refining operations and gas utilisation which are contained in the proposed bill to encourage investors to undertake the requisite due diligence in commencing operations in Nigeria.

She said, “The Petroleum Industry Bill under consideration by our esteemed National Assembly provides for the restructuring and deregulation of the downstream sector to allow for competition in all segments including open access to the pipeline as well as providing a robust tariff mechanism for all players”.

Also speaking, the governor of Lagos State, Babatunde Fashola, emphasised the need for Africa to initiate a framework that would harness its energy resources, resourcefulness of its entrepreneurs as well as industrial and financial sectors.

Fashola, who was represented at the occasion by commissioner of Mineral Resources, Engr Taofeek Tijani, explained that the development would guide the development of energy projects by both public and private sector in the continent.

 

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