Petroleum Ministry, Other Stakeholders Seek Full Implementation of PIA
Oghenevwede Ohwovoriole in Abuja
The Ministry of Petroleum Resources and other stakeholders in the oil and gas sector have called for the full implementation of the 2021 Petroleum Industry Act (PIA) for economic growth.
The Permanent Secretary in the ministry, Amb. Nicholas Ella and other stakeholders made the call at a one-day stakeholders’ engagement organised by Young Innovators of Nigeria (YIN) in Abuja
The event was themed, ‘Harnessing the Petroleum Industry Act (PIA) as a Catalyst for Investment in Nigeria’s Oil and Gas Sector’.
Ella, who was represented by the Director, Midsream and Downstream, Mr. Mohammed Abubakar, recalled the enactment of the PIA in 2021,which targeted to promote efficiency, boost transparency, and enhance sustainable practices.
“The PIA also marks a new chapter for investors, providing clarity and stability in fiscal regimes, which are essential for fostering both local and international investment.
“In 2023, Nigeria saw a rebound in oil production, averaging 1.4 million barrels per day in the third quarter, a significant improvement from the previous year.
“This resurgence was driven largely by the enhanced operational environment fostered by the PIA, as well as the continued efforts to combat oil theft and pipeline vandalism.
“I encourage all stakeholder, whether from government, industry, investment, or host communities, to focus on actionable outcomes that will maximise the benefits of the PIA,” he said.
According to him,with the PIA, Nigeria is ready to lead Africa in energy investments, attract global capital, and maintain its pivotal role in the international energy arena.
Executive Secretary of Petroleum Technology Development Fund (PTDF), Mr. Ahmed Galadima, said that they had engaged in human capacity development, research and development for technology innovations and institutional development to support energy transition and gas development initiatives.
Speaking through the Deputy General Manager, Education and Training Department, Mohammed Abdulraman, he said PTDF was committed to aligning its strategies with the key drivers of the PIA to enhance local participation.
“We will ensure that Nigeria benefits fully from its hydrocarbon wealth and the government’s efforts in energy transition.
“We have a comprehensive roadmap that focuses on expanding our partnerships with international research and academic Institutions, oil companies (IOCs), and multilateral organisations.
“This will support skills transfer, enhance capacity building, and integrate cutting-edge technology into Nigerian operations that will enhance the oil and gas value chain,” he said.
On the development of gas innovation and renewable energy research centres, he said they would support the desire of government to meet global efforts on energy transition targets and objectives of the Global Energy Planning Targets.
Speaking on ‘Unlocking Nigeria’s Oil and Gas Potential through the PIA and Leveraging Technology to Combat Oil Theft and Boost Government Revenue’, said technology was revolutionising systems.
According to him, the government could deploy pipeline surveillance and monitoring systems, blockchain technology for supply-chain management, Internet of Things, and Artificial Intelligence to boost activities in the oil and Ggas sector.
An official of YIN, Mr. Gideon Obande said Nigeria needed to ascertain the quantity of crude oil produced daily to be able to track what is being stolen.
“There has to be a systemic address of production level to be able to address the operations to the level where we can be precise on barrels of oil we produce as a nation and track the stolen one,” he said.
Highlight of the event was the unveiling of the oil and gas investment compendium by the Permanent Secretary of Ministry of Petroleum Resources.
The compendium is to provide potential investors with a comprehensive guide to Nigeria’s oil and gas projects,incentives,among other benefits.
