A Review of the Nigerian Energy Industry

Govt to review PIB, ensure speedy passage

04 June 2015, Vienna – The Federal Government, Thursday, promised to tackle corruption in Nigeria’s extractive industry and also ensure the speedy passage of the Petroleum Industry Bill, PIB, after a careful review.

PIB-600x330Speaking at the ongoing International Seminar of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, Head of Nigeria’s Delegation to the 167th OPEC Meeting, Dr. Jamila Shu’ara also stated that the administration of Muhammadu Buhari will ensure that Nigeria continue to play a more proactive and effective roles in the affairs of OPEC.

Shu’ara, in a statement by the Nigerian National Petroleum Corporation, NNPC, stated that the Federal Government will strive to enthrone transparency and accountability in public life especially in the petroleum industry which is the mainstay of the national economy.

She further assured the international community that the Buhari Administration is committed to prosecuting the amnesty programme in Nigeria’s Niger-Delta with vigour with a view to bringing about lasting peace and stability in the area as well as in other parts of Nigeria, so as to make the operational environment safe and attractive once again.

Shu’ara noted that the Buhari Administration intends to take a critical look at the PIB with a view to effecting necessary changes that will facilitate its early passage.

She further stated that the government will pursue the diversification of the Nigerian economy and put in place essential infrastructure that will aid its growth.

She said, “I would like to assure industry players that Government will work assiduously to ensure the speedy passage of the PIB and even speedier implementation of the related programmes.

“We are committed to investing in the whole petroleum value chain, in order to add more value to our national economy from our natural resources and reduce our over dependence on exported crude oil revenue.”

Furthermore, she maintained that Nigeria will continue to work for the realisation of the aims and objectives of OPEC.

“I am to assure OPEC Heads of Delegation, of a new dawn in Nigeria and the capacities of a new President who understands and appreciates the prospects and challenges of our Organization like no other former Nigerian Head of State, having being a Minister of Petroleum Resources before,’’ Shu’ara stated.

Also speaking at the event, Mr. Joseph Dawha, Group Managing Director of the NNPC, disclosed that that despite the odds, crude oil will continue to play an important role in the future world energy balance for decades to come.

According to him, the improved use of technology in the oil and gas sector will continue to resolve difficult challenges regarding oil supply in the world energy market and thus achieve a more efficient use of existing oil resources, discover new oil reservoirs, with greater accuracy and also lead to more efficient oil extraction from existing fields.

He said, “New technology and climate change would most likely once again dramatically change the landscape of future oil supply by rapidly increasing supply sources and applying significantly downward pressure on oil prices.

“Additionally, with traditional oil importing nations becoming more self-sufficient, the struggle for available markets is likely to become even fiercer.”

Dawha called on the global oil industry to always seek to strike that delicate balance between adaptation of technology to increase production and the need to protect the environment.

“Environmental protection and sustainable development continue to be of great importance, we should also aim to adopt environmental policies that guarantee sustainable production as we seek to secure future diminishing oil markets,” he noted.

– Vanguard

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