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PIB: FG woos oil industry

By Yemie Adeoye

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 particpate 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 Couincil of the Society of Petroleum Engineers (SPE) in Abuja yesterday.

According to him, the PIB was recomended 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 heared 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 Ministaer 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’s remaining resources of crude oil and natuiral gas liquids are clearly sufficient to meet demand increases for the forseeable future.


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