“Without natural capital accountability GDP growth is meaningless’
Stock photo of an offshore oil rig“Without natural capital accountability GDP growth is meaningless’

The Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti, has said that the implementation of the   Petroleum Industry Act, PIA, will enhance competition in   the oil and gas industry.

Speaking as a Lead Presenter at the Lagos Section of the Annual Technical Symposium of the Society for Petroleum Engineers, Wunti said the operationalization of the PIA will bring about certainty, competitiveness and cost optimization in Nigeria’s oil and gas industry.

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He spoke on the theme, “Operationalizing the Petroleum Industry Act – An Opportunity for Revolutionizing Nigeria’s Oil and Gas Industry.”

In the presentation Wunti gave an overview of the major issues impacting the oil and gas industry, stating that tremendous progress had been made in tackling the issue of security and cost

He added that the implementation of the Nigeria Upstream Cost Optimization Program (NUCOP) and an industry wide tripartite security framework would address cost and security issues respectively thereby brightening the oil and gas outlook for the country.

In highlighting the thematic areas of the PIA, he stated that the Act delineates clearly, the roles and responsibilities of all stakeholders.

This, he stated, would catalyze the growth of the industry in line with the aspirations of government for the sector as encapsulated in the PIA.

On the PIA implementation plan, Wunti stated that the incorporation of NNPC Limited and the inauguration of the NNPC Board had been completed and all hands are on deck to implement other requirements of the PIA within the set timelines.

The PIA which was signed into law by President Muhammadu Buhari on August 16 after it was passed by the National Assembly is targeted at reforming the oil and gas industry in Nigeria.

It is also aimed at promoting transparency and attracting capital flows into the oil and gas industry.

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