He said that research and development (R&D) efforts by stakeholders needs to offer real value and relevance to the oil and gas industry so that companies would support and fund them.
Browsing: Senator Tayo Alasoadura
He noted that the Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host Community Bill had all gone through second reading.
*Industry players express doubt over fiscal regime *Say Bill may not attract investment *Labour, others say it’s welcome development Chuks…
“We have streamlined and sharpened the role of the Minister. We have also enhanced the extensive reform of NNPC into two limited liability companies- the National Petroleum Company and Nigeria Petroleum Assets Management Company to ensure efficient and effective commercial performance. In carrying out our assignment we have ensured that the major lapses associated with prior institutional frameworks have been remedied.”
The PIGB seeks to establish a framework for the creation of commercially-oriented and profit-driven petroleum entities that ensure value addition and internationalisation of the petroleum industry, promote transparency in the administration of the petroleum resources of Nigeria; and create a conducive business environment for petroleum industry operations.