Ministr of State for Petroleum Resources, Timipre Sylva says the Petroleum Industry Bill ( PIB) currently before the National Assembly when passed into law would create opportunities that will be beneficial to the governmentt and investors.
Sylva disclosed this at the 2021 Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPEOLEF) in Abuja on Thursday
The Theme of the Lecture is Operational Excellence and Portfolio Optimisation, way forward for the oil and gas Industry Post Covid-19.
The Minister who was represented by his Chief of Staff,Mr Moses Olamide said the bill will also guarantee framework that will unlock several midstream gas opportunities and enhance domestic gas utilisation
He therefore urged all stakeholders to position themselves for the full implementation of the bill when passed into law for its benefits.
According to him the negative effect of the COVID-19 pandemic affected the crude oil prices in 2020 and had made it imperative for Nigeria to strike strategic survival measures to ensure economic sustainability and job security.
He commended the SPE for organizing the lectures series and the role they play for the growth of the oil and gas sector.
In his keynote address, the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC) Malam Mele Kyari, said that operational excellence remained key for the growth of the oil Industry.
He noted that the growth has escalated the operating cost drivers which include human resources, Logistics, security Direct Operational Maintenance.
Kyari said with the push for energy transition, the Industry had been pushed to reduce operational cost for the future growth of the sector adding that the NNPC is repositioning itself to transit to energy company in line with the global drive for energy transition in the sector
He said Nigeria is focusing on increasing domestic gas utilisation and maturing Hydrocarbon reserves to generate revenue for the nation and disclosed that the NNPC is determined to increase market shares to guarantee energy security,, investment in petrochemicals and fertilizer as well as promote the use of Compressed Natural Gas, and increase domestic filling capacity.
