THE Federal Ministry of Petroleum Resources and stakeholders in the oil and gas sector have raised concerns about the need to implement the 2021 Petroleum Industry Act (PIA) for economic growth.
Nicholas Ella, Permanent Secretary of the Ministry of Petroleum Resources, alongside other stakeholders, made the call at a one-day stakeholders’ engagement on “Harnessing the Petroleum Industry Act (PIA) as a Catalyst for Investment in Nigeria’s Oil and Gas Sector” in Abuja. The meeting was organized by the Ministry of Petroleum Resources.
Represented by Mohammed Abubakar, Director, Midstream and Downstream, Ella recalled the enactment of the PIA in 2021, which aimed 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 stakeholders, whether from government, industry, investment, or host communities, to focus on actionable outcomes that will maximize 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.
Ahmed Galadima, Executive Secretary of the Petroleum Technology Development Fund (PTDF), said that they had engaged in human capacity development, research and development for technological innovations, and institutional development to support energy transition and gas development initiatives.
Represented by 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 (IOCs), and multilateral organizations.
“This will support skills transfer, enhance capacity building, and integrate cutting-edge technology into Nigerian operations, enhancing the oil and gas value chain.”
On the development of gas innovation and renewable energy research centers, he said they would support the government’s desire to meet global efforts on energy transition targets and objectives of the Global Energy Planning Targets.
Mohammed Shehu, Chairman of 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 revolutionizing systems.
