By Ediri Ejoh

OIL industry experts have charged the Federal Government on strict observance of the rule of law, as a means to revive the ailing sector.

Speaking at the second Graduation/Award ceremony of the Emerald Energy Institute, at the University of Port Harcourt, Director, EEI, a renowned petroleum economist, Professor Wumi Iledare warned of possible threats that could hinder expectations.

His words: “There is need to sacrifice political expediency, abandoning mediocrity, and observing the rule of law in the oil and gas sector.

“I am an optimist when it comes to the future of the oil and gas industry in Nigeria. Thus, I dare to affirm that the future is bright given that the Niger Delta and Gulf of Guinea geological settings are highly prospective and await highly respected and accomplished oil and gas professionals.

“Nigeria has a dynamic local content policy that has become a case study for emerging petroleum producing provinces in Africa and the newly launched oil and gas policy documents and prospective fiscal reform efforts certainly offer significant rays of hope for the industry.

“It is also more likely than not that the JV Cash call exit agreement will boost investments and revenue for the government, if properly implemented with realistic cost benchmarking.

Also speaking, Chairman of Emerald Institute, Emmanuel Egbogah, lauded the graduating students for going through such rigorous training. “I am very proud of what the institute has accomplished, including the officials in making sure that the students achieve and benefit from the great resources that the petroleum industry offers,” he said.

Director, Department of Petroleum Resources, DPR, Mordecai Laden, while commending the institute, called for more technical trainings in the industry. Represented by the Operations Controller, DPR, Port Harcourt office, Mrs. Chioma Njoku, Laden said that the technological gap in the industry calls for urgent development of skills to enhance growth.

“It is a common knowledge that the oil and gas industry is one of the most technologically and skills intensive sector, that requires continuous deliberate efforts of producing vibrant young men and women that are trained.

“This is not only to tackle the dynamic challenges that day to day operations of oil and gas deals presents, but also, prepares and mitigates some of the issues that are emerging in the global oil and gas phase, which have the capacity to threaten the creation and addition of value to the government to support national economy growth as well as provision of enabling environment on the university community to engage in profitable ventures.

“We are all aware of the fact that the global oil and gas industry space is confronted with emerging challenges of low oil prices, shake down in investment, security of supply and demand issues, inter-fuel competition, as well as aging workforce.”

Chairman of Emerald Institute, Emmanuel Egbogah, lauded the graduating students for going through such rigorous training. “I am very proud of what the institute has accomplished, including the officials in making sure that the students achieve and benefit from the great resources that the petroleum industry offers,” he said.