The Federal Ministry of Petroleum Resources and oil and gas sector stakeholders have expressed concerns about the need to implement the Petroleum Industry Act (PIA) 2021 for economic growth.
Permanent Secretary, Ministry of Petroleum Resources, Nicholas Ella, along with other stakeholders, at a one-day meeting with stakeholders on “Leveraging the Petroleum Industry Act (PIA) as an investment facilitator in Nigeria’s oil and gas sector” I called out. Abuja. The meeting was hosted by the Ministry of Petroleum Resources.
Ella, who was represented by Mr. Mohammed Abubakar, Director, Midstream and Downstream, recalled the enactment of the 2021 PIA, which aims to drive efficiency, improve transparency and strengthen sustainable practices.
“PIA is also a new chapter for investors, providing clarity and stability in the fiscal system that is essential to foster domestic and international investment.
“In 2023, oil production recovered in Nigeria, averaging 1.4 million barrels per day in the third quarter, a significant improvement from the previous year.
“This resurgence has been driven primarily by continued efforts to combat oil theft and pipeline vandalism, as well as the enhanced operational environment facilitated by PIA.
He said: “We encourage all stakeholders, including government, industry, investment and host communities, to focus on actionable outcomes that maximize the benefits of the PIA.”
According to him, with PIA, Nigeria is poised to lead Africa’s energy investment, attract global capital and maintain its key role in the international energy sector.
Ahmed Galadima, Executive Director of the Petroleum Technology Development Fund (PTDF), said the fund has been working on human capacity development, research and development for innovation, and institutional development to support energy transition and gas development efforts. said.
Galadima, who was represented by Mohammad Abdulrahman, Deputy Director of Education and Training Department, said PTDF is committed to aligning its strategy with PIA’s key thrusts to strengthen local participation. Ta.
“We will ensure that Nigeria fully benefits from the government’s efforts in hydrocarbon wealth and energy transition.
“We have a comprehensive roadmap focused on expanding our partnerships with international research and academic institutions, oil companies (IOCs), and multilateral organizations.
“This will support skills transfer, enhance capacity building, integrate cutting-edge technology into Nigerian operations and strengthen the oil and gas value chain.”
Regarding the development of the Gas Innovation and Renewable Energy Research Center, he said he supported the Government’s desire to achieve global commitments on the Energy Transition Goals and the World Energy Program goals.
Mohammed Shehu, Chairman, VG Energy, spoke on “Leveraging technology to unlock Nigeria’s oil and gas potential, combat oil theft and increase government revenue through PIA”, stating that technology is revolutionizing the system. He said there was.
Shehu said the government can introduce pipeline monitoring and monitoring systems, blockchain technology for supply chain management, the Internet of Things and artificial intelligence to boost activities in the oil and gas sector.
YIN official Gideon Obande stressed that Nigeria needs to check the amount of crude oil produced daily to track what is being stolen.
“We need a systematic assessment of production levels to understand exactly how many barrels of oil we produce as a nation and to address operations to the extent that stolen oil can be traced,” he said.
