FG Tasked on Policies to Increase Investments, Competition in Oil Sector

Peter Uzoho

Indigenous operators in the Nigerian upstream oil and gas sector under the aegis of the Independent Petroleum Producers Group (IPPG) have called on the Bola Tinubu-led government to pay priority attention to key areas in order to increase investments and competition in the nation’s hydrocarbon industry.

The group also declared its commitment to the development and growth of the oil and gas sector in alignment with the goals of the new administration.

The Chairman of IPPG, Mr. Abdulrazaq Isa, made the call while delivering his keynote speech at the just-concluded 2023 Nigeria Oil and Gas (NOG) Energy Week in Abuja.

Represented by the Executive Vice Chairman of ND Western Limited, Dr. Layi Fatona, Isa stressed the need for a focused delivery of key priorities to unlock Nigeria’s energy potential, fuel economic growth, diversify the economy, and enhance energy security sustainably.

Some of the priority areas highlighted by the IPPG chairman include; establishment of a strong governance framework to guide the implementation of the Petroleum Industry Act (PIA) and facilitate systemic interaction and performance across the industry.

He said the aim was to ensure the overall delivery of the objectives, intent, and deliverables of the reforms.

He said another priority area was strengthening security in the Niger Delta to safeguard and stabilise the operating environment, stem crude theft, and enable seamless access to turn around oil and gas production declines, thereby unlocking growth in the short to medium term.

Isa called for the establishment of value-creating midstream and downstream sectors, which he noted, remains vital to catalyse and rapidly industrialise the Nigerian economy.

“The ‘Decade of Gas’ policy and the Petroleum Industry Act (PIA) provide foundations for building integrated plans and roadmaps to realize sustained value from these subsectors, ”Isa stated.