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International Oil Companies (IOCs) have said advocated the need for improved security and implementation of policies in the oil and gas industry will create a better environment for businesses to thrive in Nigeria
At the fourth edition of the Nigeria International Petroleum Summit (NIPS),the companies noted that the challenge in the industry is not lack of polices but their non-implementation by authorities and agencies of government.
They emphasized the need for enhanced security and an enabling environment for investments so that businesses can thrive as well as called for an end to policy and project reversals to enable the country attain economic sustainability.
Speaking at a session, titled: “CEO Roundtable,” Managing Director of Shell Petroleum Development Company (SPDC), Osagie Okunbor, said the country’s oil and gas industry has well-articulated policies that are not adhered to.
He said the setting up of projects that have emanated from the same policies has been a Herculean task.
He added: “Our problem, frankly at this stage, is not policies; it is not the framework. Starting from the Nigerian Gas Master Plan of 2008, Nigeria Gas Policy of 2017, Gas Commercialisation Framework and Flare Reduction and now the Year of Gas and Decade of Gas, we have very well-articulated policies.
“Our issue now is the execution. Execution is to essentially get the projects that derive from these policies to bring them to fruition.”
Managing Director of ExxonMobil Nigeria, Mr. Richard Laing, also harped on the essence of tight security to bolster investments.
“We have to find a path around security, around the sanctity of contract and around the stress that Nigeria brings,” he said.
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