The Chief Operating Officer of Oando Energy Resources, Dr Alex Irune, disclosed that the recent signing of the Petroleum Industry Bill by the National Assembly will boost opportunities for development for indigenous oil and gas companies.
The Oando COO disclosed this on Wednesday at the Nigeria Oil and Gas Conference and Exhibition in Abuja themed: ‘Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth.’
He disclosed that the PIB will also create a clear legislative framework for the petroleum sector when signed into law.
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“The synergy between the Minister of State for Petroleum Resources, Chief Timipre Sylva and heads of agencies in the sector is gradually producing the right results,” he said.
He disclosed partnerships including the completion of the bid round for the 57 marginal oilfields as a major positive step that would boost indigenous Oil and Gas capacity, citing the need for local oil and gas companies to cooperate in areas such as infrastructure sharing and security to optimise their cost of operations.
He also called on the FG to develop Nigeria’s gas resources to power economic development in a post-pandemic recovery process.
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What you should know
The PIB established a Host Communities Development Trust which will oversee all Environmental, Social and Infrastructure projects in the communities where oil and gas assets are located.
Read more about the Host Community Fund, and how it will operate.
