The new Petroleum Industry Act will enhance investors’ confidence in the Nigerian oil and gas sector due to the possibility of recouping such funds, Head, Gas and Power for Quest Oil & Engineering Services, Engr. George Amara ,has said.
Amara,who spoke at the recent concluded Strategic International Annual Conference 2022 organized by the Association of Energy Correspondents of Nigeria (NAEC) in Lagos, also said the development will ensure successful transitioning of the Nigerian oil and gas industry.
Speaking in one of the panel sessions on the theme: Energy Transition, Shaping the future of Nigeria’s Energy Industry, an appraisal of PIA, evolving benefits and challenges, Engr. Amara, further said that the stakeholder-based inclusiveness framework and market-driven nature of the Act, provides a transparent platform for both the regulators and operators to work together, where the former acts as partners in progress.
He emphasized the need for stakeholders to collaborate in order to succeed in this transitioning phase of the industry”.
Supporting the call for right pricing of petroleum products, Engr. Amara maintained that it was imperative for market forces to be given the right of way to encourage competition within the industry as in other climes.
He explained that this will drive growth and development of the downstream Oil and Gas sector.
Engr. Amara also emphasized the need for local refining of the petroleum products in order to lower the operational/logistic costs, create employment in-country and harness the entire value chain benefits of the petroleum and other related industries.
Another panelist on the session, the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Comrade Festus Osifo, noted that in order to build lasting success in the industry, government needs to prioritize the refineries. According to him, this has the potential of producing a multiplier effect of better pricing and ensuring availability of products for the Nigerian people.
The NAEC Strategic Conference is an annual event which brings together leaders, captains of industry, government and policy makers as well as the media to discuss strategies that will promote better management of the industry and enhance collaboration between the government and private sector players and ultimately navigate the emerging business environment.
