Business

PIA’ll reposition Nigeria’s oil sector

The Petroleum Industry Act (PIA) will enable Nigeria’s oil and gas sector reposition itself for greater performance in the near future, the Managing Director/Chief Executive officer, Total E&P Nigeria Limited, (TEPNG), Mr Mike Sangster, has said.
He said the Act would bring about growth in all ramifications to the industry, once its starts operation in the country.

 

While speaking at the Annual International and Exhibition Conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos recently, he said the country would still engage in energy transition, despite the fact that fossil fuel remains the major means of energy in the years to come in Nigeria.

 

He said it would be a good thing for the country to take advantage of the full deregulation of the downstream sub-sector of the economy, as stated in the Act and make case for investments in the climate energy as the march to energy transition is underway.

 

According to him, PIA will remove hurdles that are installing critical investment, unlock potentials and accelerate growth in the country’s oil and gas sector, as soon as the country begins to implement the Act.

He said: “Nigeria may not have choice in the energy transition programmes. But it would be good, if the country leverage on the deregulation of the industry and welcome other provisions of the Act, with a view to maximize its resources.”

 

He urged Nigeria to build infrastructure ahead of the implementation of energy transition programmes, saying that the idea would help the country a lot.

 

He said President Buhari has outlined the goals of net zero in carbon usage in line with Paris Agreement.

 

Sangster noted that Total Energies operates in 130 countries and has over 60 years achievements in the Nigeria’s energy sector, adding the company believes in more energy, less emission globally.

He said that Total Energies network boasts of 557 stations across the country, noting that the firm started operation in the Nigerian downstream in 1956.

 

He said Total Energies is the second largest producer of crude oil in Nigeria and also the busiest international oil company in the last 10 years, noting that the company had delivered Egina Project and still working on some big projects in the country.

 

He said the company had rebranded, in order to reveal its Identity as a broad energy institution, stressing that its major goals are provision of cleaner and more accessible forms of energy globally.

 

The new identity, Sangster said, had underscored the resolve of the company to produce more energies, with less emissions as part of efforts to contribute to the world climate change in the near future.

 

He urged the stakeholders, including the Federal Government, to accelerate the implementation of the Petroleum Industry Act, stress  ing that the development becomes necessary in view of the fact that funds are needed to record growth in the sector.

 

He said the country needed strong political will, must avoid litigations, must frequently provide policies among putting in place, other measures, in order to implement PIA well.

 

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