The Minister of State for Petroleum Resources, Chief Timipre Sylva has said President Muhammadu Buhari decision to sign the Petroleum Industrial Bill into law rescued the Nation from its 20 years lethargy journey in the oil and gas sector, declaring that PMB’s action is the best in the history of the country.
Chief Timipre Sylva, who made this known yesterday in Yenagoa during the Practical Nigerian Content Conference held at the Nigerian Content Tower of the Nigerian Content, Development and Monitoring Board headquarters with the theme for this year’s event is ‘’Driving Nigerian Content in the New Dawn of the Petroleum Industry Act’’, said President Muhammadu Buhari would go down in history as one of the best presidents in the history of Nigeria for ensuring the passage of the Petroleum Industry Act into law after over 20 years of lethargy.
Sylva, who was represented by the Director, Human Resources, Ministry of Petroleum Resources, Dr. Famous Eseodu, said with the signing of this PIB into law in Augus, the PIA will remain the biggest accomplishment of this administration in the energy sector,†This achievement has shaken off the cloud that held down our industry for two decades and cost our sector billions of investments.
With the PIA in place, we swung into action with the implementation and constituted the Board of the NNPC Limited and management teams for the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Regulatory Authorityâ€.
“We expect that our supersonic speed in implementing the PIA would encourage international and local operators to quickly introduce those new projects that were delayed by the uncertainties of the past. We expect the industry to be reinvigorated to catalyze inflows of new projects into the Nigerian oil and gas industry. We need new projects in the industry to increase our oil and gas production, engage our local service companies that have built considerable capacities and develop new legacy capabilities in-countryâ€.
“We are proud of the FPSO Integration facility that was developed in Lagos from the Egina deep water project which was concluded in 2018. This facility is the only one in sub-Saharan Africa. We eagerly look forward to getting a similar legacy project from the ongoing Nigeria LNG Train 7 Project. The Federal Government is eager to deepen investments in the gas sector as part of our preparations for the ongoing Energy Transition. This was the basis for declaration of a Decade of Gas by President Muhammadu Buhari in March 2021 as proof of Federal Government’s determination to use gas to power the Nigerian economyâ€.
Earlier in his speech, the Executive Secretary of the Nigerian Content, Development and Monitoring Board (NCDMB), Engr. Simbi Wabote also commended the administration of President Muhammadu Buhari over the signing of the PIA, pointing out that the PIA (2021) has further reinforced the role of NCDMB in the oil and gas industry and we are poised to fully utilize the opportunity provided to derive maximum benefit for our country.
Wabote also in his speech, outlined his report card since assuming the position of the Executive Secetary of the NCDMB, insisting that the board has attained 70 per cent of Nigerian Content in the oil and gas industry.
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