… It is a welcome development for the oil and gas industry

By Udeme Akpan

Commenting on the development, Lead promoter, EnergyHub Nigeria, Dr Felix Amieyeofori, said: “This is a welcome development for the oil and gas industry, and the country at large as it will provide the long-expected business and investment environment for operators, and other stakeholders.

“This is coming at the time when oil and gas-dependent economies are grappling with the reality of the energy transition to cleaner renewable energy sources, targeted at tackling the global climate problems.

“While oil will still play a significant role in the global energy mix beyond 2050, the “Proverbial Net Zero Date”, Nigeria must ensure that we utilize the opportunities created by this Law to fully harness the total hydrocarbon value chain in order to generate the capital that will propel our transition into the renewable world.

“I would, therefore, advise that Government and all the stakeholders work toward ensuring the immediate implementation of the critical and pivotal clauses without the traditional politicking. The 2014 National Conference is still very fresh, as Nigerians are known for putting together very pragmatic policies and laws, but, we have always failed to walk the talk, and that has been the albatross of our development as a nation.”

He added: “I will say a Big Congratulations to the 9th National Assembly and Buhari-led Executive arm for taking the bull by the horns. I also want to congratulate the industry stakeholders for their sweats and strains for ensuring this historic event in the country.”

Similarly, a Port Harcourt-based energy analyst, said: “The PIB is dead on arrival, apparently because it is belated.

“This administration could have passed the PIB much earlier, but it wasted time trying to break it down into segments, including the Petroleum Industry Governance Bill, PIGB, before returning to the original plan of passing it as a single document.”

“Consequently, the oil and gas industry and the entire nation’s economy have suffered. Many investments and companies had over the years gone to other nations in Africa, especially Angola, Ghana, and even the emerging East African countries.”

He added: “There was a time Nigeria used to deploy over 20 rigs, exploring for oil, but we currently use only about six or seven rigs.”

In a recent interview with Vanguard, the executive director, Spaces for change, Victoria Ibezim-Ohaeri, who criticized previous administrations for their inability to pass the PIB, had attributed it mainly to, “lack of political will and vested interests.”

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