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PIB: FG woos oil industry
ABUJA – FOLLOWING agitations by players and stakeholders in the oil and gas
industry for a total review of the Petroleum Industry Bill (PIB), the
Federal Government has appealed to players in the upstream arm of the Oil
and Gas industry to participate in the formation and enactment of the PIB,
currently at the National Assembly, as well as act as technical
facilitators for the implementation of the bill.
This was the position of the Minister of Petroleum Resources Dr. Rilwanu
Lukman while declaring open the 33rd International Conference and Exhibition
of the Nigerian Council of the Society of Petroleum Engineers (SPE) in
Abuja yesterday.
According to him, the PIB was recommended as a one stop shop to coordinate
the activities of the Oil and Gas Industry, including fiscal and regulatory
framework.
“Although, as we have often heard that the future is an uncertain place,
hence the use of scenarios in describing possible outcomes, I can
conveniently say, despite the myriad of challenges, that the future of
global energy dynamics promises to be interesting, healthy, operationally
active and commercially exciting, especially for us in Nigeria, with
significant
remaining hydrocarbon reserves, potential attractiveness for renewable
energy opportunities, the determination to develop and grow all other
sectors of the economy, and the vitality being injected by this
administration’s ongoing agenda.”
The Minister further stated that world energy portfolio would continue to
be dominated by fossil fuel, which includes oil, gas and coal. According to
him, the worlds' remaining resources of crude oil and natural gas liquids
are clearly sufficient to meet demand increases for the foreseeable future.
