By Sebastine Obasi & Ediri Ejoh
INVESTMENT growth and opportunities in the petroleum industry will not improve unless the petroleum industry governance bill, PIGB is passed without delay, Chairman of Society of Petroleum Engineers, SPE, Nigerian Council, Mr. Chikezie, Nwosu said.
Speaking at a briefing to announce the 18th Annual Oloibiri Lecture Series and Energy Forum, scheduled for March 1, to begin on the 1st of March, Nwosu, who is also Deputy Managing Director (Technical), Addax Petroleum, stated that the challenges confronting the industry are very well known. He said: “Incentives to invest in the petroleum industry when supply is unsure and fiscal incentives are uncertain are known and are being addressed.
If the passion we have seen in putting together the enabling policies (of which the critical elements of the PIGB – The Governance, Host Communities, Fiscal Reforms and Downstream bills) is sustained in passing the bills and implementing all the provisions, then we will succeed in attracting the needed investments.” He explained that the breaking into four parts of the PIGB was well thought of. “It will help to deliver the bill expectedly as we are confident it will be passed before the end of 2019,” he said.
While caution on the over reliance on fossil fuel, he reiterated that focus should be on renewable energy. “It has become clear that with anticipated growth in energy demand, the world is rapidly moving towards an age of cleaner sources of energy.
For fossil fuels, this will mean a greater reliance on gas and less reliance on oil and, especially, coal.
In addition, hydroelectric and gas powered cars will replace diesel engines and, with time, gasoline engines.
“Add to this the growing investments in renewable sources of energy such as solar and wind, and it becomes evident that Nigeria must rethink (or rejig) its energy policy to solidify on the gains in the oil and gas industry (the 7 Big Wins), and leverage on these learnings to prepare for an energy mix that will become less reliant on the more polluting fossil fuels.