By Ijeoma Olorunfemi
The Federal Ministry of Petroleum Resources and stakeholders in the oil and gas sector have raised concern on the need to implement the 2021 Petroleum Industry Act (PIA) for economic growth.
They made the call at a one-day stakeholders engagement with the theme “Harnessing the Petroleum Industry Act (PIA) as a Catalyst for Investment in Nigeria’s Oil and Gas Sector” in Abuja.
The meeting was organised by the Young Innovators of Nigeria (YIN), as part of the activities to mark its 10th anniversary.
Amb. Nicholas Ella, Permanent Secretary of Ministry of Petroleum Resources, recalled the enactment of the PIA in 2021, targeted to promote efficiency, boost transparency, and enhance sustainable practices.
Ella, who was represented by Mr Mohammed Abubakar,Director, Main and Downstream, said, “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 stakeholders, 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.
Mr Ahmed Galadima, Executive Secretary of Petroleum Technology Development Fund (PTDF), said they had engaged in human capacity development, Research and Development for technology innovations and institutional development .
This, he said, was to support energy transition and gas development initiatives.
Represented by Mr Muhammad Abdulrahman,
Deputy General Manager, Education and Training Department, Galadima 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 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.”
On the development of gas innovation and renewable energy research centres, he said the Fund would support the desire of government to meet global efforts on energy transition targets and objectives of the Global Energy Planning Targets.
Dr Mohammed Shehu, Chairman VG Energy, while 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.
Shehu said the government could deploy pipeline surveillance and monitoring systems, blockchain technology for supply-chain management, Internet of Things, Artificial Intelligence to boost activities in the oil and gas Sector.
Mr Gideon Obande, an official with YIN, said Nigeria needs 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 included 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.