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, has said.

Speaking at a briefing to announce the 18th  Annual Oloibiri Lecture Series and Energy Forum, scheduled for March 01, 2018, Nwosu, who is also the Deputy Managing Director (Technical), Addax Petroleum, said that the challenges confronting the industry are very well known.

He stated: “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.” While cautioning on over reliance on fossil fuel, he reiterated that focus should be on renewable energy.

He stated: “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.”