PIGB
By Yunus Yusuf 08023289519
Lagos, April 25, 2018 (NAN) Some energy experts on Wednesday said that the Petroleum Industry and Governance Bill (PIGB), would drive more projects in the deep water investment when finally signed into law.
They gave the assurance in separate interviews with the News Agency of Nigeria (NAN) in Lagos.
This was against the backdrop that the country loses about 15 billion dollars new investment funds to non-passage of the bill to law.
Mr Chinedu Okoronkwo, the National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), said the passage of the harmonisation version of the PIGB by the Senate and House of Representatives was a welcome development.
Okoronkwo said that the bill would drive new projects, particularly in deepwater investment and also improve efficiency in the oil and gas industry when its finally passed into law.
According to him, President Muhammadu Buhari needs to sign the recently passed Bill (PIGB) by the National Assembly into law to prevent continued loss of investment in the sector.
“Passing the PIGB by NASS is very welcome news for the industry primarily because it aligns policy and regulations.
“It also updates the legislation to reflect the realities of the oil business in the 21st century.
“The impact of the PIGB will depend on what exactly was passed.
“Signing the bill into law will rekindle investors’ confidence in the oil and gas sector.
“The earlier the President signs the bill into law, the better for the country,’’ he said.
Mr Biodun Adesanya, Managing Director, Degeconek Nigeria Ltd., said that the passage of the PIGB would be a step in the right direction to recover the industry’s past glory.
Adesanya said the fiscal policy bill when was finally passed into law would quell the lingering uncertainty that has negatively affected the decision on new investments by International Oil Companies (IOCs).
He argued that the PIGB was by no means a magic wand that would solve the many problems facing the petroleum industry.
He added that it would be unrealistic to expect the bill as passed, to satisfy all stakeholders.
“However, starting with passage of the governance bill was a good decision and hopefully, the momentum will be sustained to ensure the other bills are similarly passed quite soon.
“Beyond passage of the PIGB, it is important that the proposed restructuring is carried out in the true spirit of the bill.
“We must also ensure that personal interests are not allowed to determine or derail the implementation.
“This is the only way that the country can derive the desired benefits,’’ he said.
Mr Bank-Anthony Okoroafor, the Chairman, Petroleum Technology Association of Nigeria (PETAN), said the PIGB Act was to provide for the governance and institutional framework for the petroleum industry and for other related matters.
Okorafor said, “the bill shows that for once there is light at the other side of the tunnel.
“This PIBG bill is an Act to provide for the governance and institutional framework for the petroleum industry and for other related matters.
“We need the governance bill to set up the framework for the following as stated in the governance bill document.
“It will create efficient and effective governing institutions with clear and separate roles, establish a framework for the creation of commercially oriented and profit driven entities.
“This will promote transparency and accountability and finally foster a condusive business environment,” he said.
NAN reports that on March 29, the Senate passed the harmonised version of the PIGB and sought the President’s assent on it.(NAN)
YO/BOLA
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Edited by Bola Akingbehin