Mr Gbenga Komolafe, Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the implementation of the Petroleum Industry Act ( PIA) will enable far-reaching reforms and a sustainable overhaul of the industry.
Komolafe made the assertion on Tuesday at the virtual Nigerian Gas Association (NGA) 2021 Business Forum and Annual General Meeting.
The News Agency of Nigeria (NAN) reports that the forum had as its theme,”Petroleum Industry Act (PIA): Progress and Opportunities in the Decade of Gas.”
He said the signing of the PIA by President Muhammadu Buhari on Aug. 16 after almost two decades was a monumental feat in the advancement of the Nigerian oil and gas industry.
Komolafe said: “This omnibus law holds the key to unlocking value from the nation’s petroleum resources for the benefit of our generation and unborn Nigerians.
” The Act will enable far-reaching reforms and a sustainable overhaul of the industry, in view of its focussed implementation under the committed leadership of the Minister of State for Petroleum, Chief Timipre Sylva.”
According to him, the PIA and the Decade of Gas initiative of the government will help the government to attain its key objectives for the industry.
He said that the legal, regulatory, fiscal, governance and institutional frameworks to maximise Nigeria’s oil and gas resources had been provided for by the PIA.
Komolafe said the Act also provided incentives to attract investments in gas infrastructure development and exploration to deepen downstream gas penetration in line with government’s aspirations.
While commending the NGA for organising the forum, he said the commission would continue to partner with all stakeholders for the advancement of the industry.
Earlier, Mr Ed Ubong, President, NGA, said the global energy transition and the COVID-19 pandemic had made it imperative for all stakeholders to work together to accelerate the development of gas in Nigeria.
Ubong said the NGA was committed to supporting the government’s efforts to utilise gas for industrialisation of the country, especially with the signing of the PIA.