A professor of petroleum economy, Wunmi Iledare, has given suggestions on how institutions of the Petroleum Industry Act can boost Nigerian oil and gas industry.
He spoke in his opening remarks during a panel at the third Society of Petroleum Engineer, Benin Biennial Technical Symposium last week, in Benin, Edo State.
According to him,the Petroleum Industry Act, PIA, institutions legislated for efficient and effective industry governance must have leadership attitudes and frameworks based on intelligentsia knowledge of the business and not undue sentiment.
He said that such institutions must also motivate individuals to engage in critical thinking to discourage mediocrity.
He also said the institutions should possess leadership that is willing to process diversity of ideas with institutional enrichment priced above self-interests would matter a lot to effectively manage the Oil and Gas future in Nigeria.
He said the PIA 2021 offers to investors in terms of rewards that are commensurate with the challenges and risks that come with finding, developing and utilizing petroleum resources.
He added:” Thus, the new government, MDAs, enacted by PIA and private participant in the oil sector must rationalize spending significant amount of money, annually, on best available technology and human resources to foster a business environment conducive to petroleum
operations in Nigeria. The importance of human resources with proper
skillsets in an organization cannot be overemphasized making continuing
education of professionals imperative.
“The suitability of PIA to foster competitive business environment for petroleum investments and operations in the future will depend on efficient and effective manpower development and deployment in the oil and gas sector governance, administration and operation.
“Human capital development through professional training and staff
development sharpens competencies, enhances productivity, and balances rewards adequately and accordingly with risk management. However, the type of leadership styles and frameworks for man power development and deployment to effectively manage the Nigeria oil and gas sector in the future has to be transformational.
“This means that prebendalism, elite capture, and transactional leadership scheme had to be expunged from the system if PIA objectives were to met expectations. The oil and gas reform and restructuring in Nigeria took too long, perhaps, because of the HCDD trilemma”