Breaking News

Non-compliance to regulations hinders oil industry growth — Baru

Kindly Share This Story:

Dr Maikanti Baru, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), says non-compliance to regulations by operators in the oil and gas sector hinders growth in the industry.

Baru made this known at the 2018 annual stakeholders meeting of the Department of Petroleum Resources (DPR) in Abuja on Thursday.

Dr Maikanti Baru

The meeting, with the theme “Regulatory Compliance as a veritable tool for safe and efficient operations in Nigeria’s oil and gas Industry,” could not be held last year as expected.

Baru was represented by Mr Henry Ikem-Obih, the Chief Operating Officer, Downstream of the NNPC.

He said that compliance with regulations would eliminate crisis in the industry and guarantee long-term viability of the industry.

“Challenges for the industry of this size would always be in getting all operators to fully comply with regulations.

“Compliance with regulations, we would say, is the biggest challenge in the industry today; just for people to do the right things according to various laws and regulations we have in the industry.”

NNPC refineries as metaphor for all that is wrong with Nigeria

According to him, if everybody plays their part in achieving and sustaining compliance, there will be a pain-free experience for the consumers.

He added that operators as well would remain in long-term viable businesses.

He further urged the DPR to ensure effective enforcement to achieve total compliance in the sector for growth and development.

Mr Joseph Akinlaja, the Chairman, House Committee on Petroleum Downstream, commended the effort of the DPR in ensuring effective compliance with regulations in the sector.

Akinlaja He added that the enforcement of online registration by operators was a step in the right direction.

He urged the regulator to include tanker owners and drivers to be part of the stakeholders meeting, to enable them to understand the need for compliance to regulations for the good of all.

He further said that the National Assembly would soon conclude work on the Petroleum Industry Bill.

In his remark, Alhaji Salisu Abdulrahman, the Chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN), Suleja Depot, also commended the DPR for the innovations to ensure that operators complied with regulations.

Abdulrahman urged the regulator to also see how best to ensure that marketers got their bridging claims at the right time.

He gave an assurance that marketers would continue to support any move that would bring about growth and development in the sector.

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!