Some stakeholders in Nigeria’s oil and gas industry have tasked the incoming 9th National Assembly to speedily pass the Petroleum Industry Bill (PIB) for the president’s assent.
The Executive Vice-President, Business Development, Tolea Energy Ltd. Mr Chikezie Nwosu, made the appeal on Friday in Lagos.
He said the passage of the bill was necessary to enable the anticipated growth of the sector.
Nwosu said that the PIB in its current four components; the Petroleum Industry Governance Bill (PIGB), the Petroleum Host and Impacted Community Bill (PHICB), Petroleum Industry Administration Bill (PIAB) and Petroleum Industry Fiscal Bill (PIFB), were long overdue for implementation.
According to Nwosu, there cannot be a perfect bill that will satisfy all stakeholders and instead of waiting unrealistically, it will do the industry a great deal to achieve 80 per cent of the PIB.
“To allow the PIB to slip beyond 2019 will, in my opinion, be tantamount to gross negligence by all stakeholders,” Nwosu, also a former Chairman and Member Board of Trustees, Society of Petroleum Engineers (SPE) said.
Mr Adedayo Ojo, Chief Executive Officer, Caritas Communications, said the oil lease licences that were due for renewal should be addressed and the structure that would facilitate community co-ownership of industry assets needed to be formalised.
Ojo said that the first four years of President Buhari had done a lot to leap the fortunes of the industry because the government got a number of the IOC’s to return to implementing hitherto abandoned programmes.
He also said that oil production had improved and there had been relative peace in the host communities.
The oil and gas expert added that the refineries should be sold out rightly to encourage market induced competition and the attendant improvement in products and services.