The Group General Manager, National Petroleum Investment
Management Services (NAPIMS), an arm of the NNPC, Mr. Bala Wunti, stated this
yesterday while presenting a paper at the Society for Petroleum Engineers (SPE)
Lagos Section Annual Technical Symposium held in Lagos.
Wunti spoke as lead presenter on the theme,
“Operationalising the Petroleum Industry Act – An Opportunity for
Revolutionising Nigeria’s Oil and Gas Industry.”
The PIA which was signed into law by President Muhammadu
Buhari on August 16, 2021 after it was passed by the National Assembly is
targeted at reforming the oil and gas industry in Nigeria.
The Act is also aimed at promoting transparency and
attracting capital flows into the oil and gas industry.
The NAPIMS boss said the operationalisation of the PIA would
bring about certainty, competitiveness and cost optimisation in Nigeria’s oil
and gas industry.
Wunti, who gave an overview of the major issues impacting
the oil and gas industry, stated that tremendous progress had been made in tackling
the issue of security and cost.
He added that the implementation of the Nigeria Upstream
Cost Optimisation Programme (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.
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 catalyse 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.
He further stated that the 3E’s – Energy Transition, Energy
Investment and Energy Crisis, were key game changers in revolutionising the oil
and gas industry.
Specifically, Wunti explained that the recent energy crisis
evidenced by the highest ever gas price was as a result of the global drive to
achieve a net zero emission future buoyed by stringent Environmental, Social
and Governance (ESG) requirements and activist investors.
He urged stakeholders in the industry to adopt the 3C’s –
Critical Thinking, Collaboration and Compliance, as they are key to maximising
the benefits of the PIA for all stakeholders – regulators, investors,
operators, contractors, host communities and Nigeria.
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