Article Summary
- Tetracore Energy Limited is calling on the Nigerian government to support the Petroleum Industry Act (PIA) with practical actions to improve the oil and gas industry.
- The company believes that enacting the PIA is not enough to attract investment and growth in the industry, and the government needs to implement policies to promote innovation and technology transfer.
- Tetracore Energy Limited is committed to driving the energy transition in Nigeria and Africa by diversifying its operations across the entire energy value chain, focusing on clean energy, and reducing carbon footprints.
An integrated energy company, Tetracore Energy Limited, has urged the Federal Government to back Nigeria’s Petroleum Industry Act (PIA) with actions capable of enhancing its impact on the oil and gas industry.
The Manager of Downstream Gas & Virtual Pipeline Solution at Tetracore Energy Limited, Emmanuel Udoh, stated that the enactment of the PIA is not enough to drive investment and growth in the industry.
In an interview at the just-concluded 2023 Nigeria International Energy Summit (NIES) in Abuja, he said,
- “PIA is not enough. There is work that must be done. For instance, we don’t really have clarity around PIA’s stance on Non-Associated Gas (NAG) asset development, and that’s also creating some sort of concern within the industry players.”
Udoh emphasized the need for the government to formulate policies that will enable homogenous innovation and further transfer of technology from the International Oil Companies (IOCs) operating in the country to indigenous players.
According to him, this will help to reduce reliance on imported technologies as well as prevent capital flight, as he said
- “Starting off on the Decade of Gas, have we done well? Well, that’s relative. But can we do more? Yes! The potential is there. I mean, we have the resources, we have the human capacity, and the only challenge will be around technology and funding.
- In terms of technology, I think there have to be some sort of policies put in place to enable homogenous innovative technology inventions and further transfer of already existing technology from most of the IOCs to the local players – that’s the indigenous players. So that we begin to reduce the level of our offshore reliance on technology.
- Of course, when that happens, there’s no capital flight anymore. More capital would be retained in-country, which, of course, you know has other multiplier effects. So, localizing the technology side of things is very critical, and that’s why we have begun to see local companies – indigenous companies go into building highly robust gas solutions.
- “We have companies that are already assembling gas leak detection systems, gas skids, PRMS – that’s Pressure Reducing and Metering Station, to support some of the gas industrialization initiatives that we have in the domestic market today. We have started off well, and we believe that we can do more. And that’s why this sort of engagement is very important.”
What you should know
Tetracore is a one-stop-shop integrated energy solutions provider with a robust and increasing gas and power delivery portfolio across the energy landscape in Nigeria, providing natural gas and power to various off-takers across the country.
Udoh informed that the company is committed to leading the energy transition in Nigeria and Africa as well, adding that decarbonization is a key part of Tetracore’s strategic imperatives, saying
- “We have diversified and refocused our strategy to play across the entire energy value chain from downstream, even the midstream, and also the upstream, as well as the renewables and power sector of the economy, because you can’t talk about energy without addressing the broad power issues that we have in Nigeria and Africa as a whole. We are very focused, and we are very determined to unlock a bit more volumes of gas into the domestic market and to deliver power to the domestic market today.”
Udoh said as a company, clean energy is key for Tetracore, adding that the company currently supplies gas to many companies, thus assisting in reducing their carbon footprint.
