Bala Wunti, group general manager, National Petroleum Investment Management Services (NAPIMS), says timely operationalisation of the Petroleum Industry Act (PIA) will transform the oil and gas industry.
Wunti said this while speaking at the annual technical symposium of the Society for Petroleum Engineers Lagos section.
He delivered his speech on the theme, ‘Operationalizing the Petroleum Industry Act — an opportunity for revolutionizing Nigeria’s oil and gas industry.’
According to him, the implementation of the PIA will bring about assurance, competitiveness, and cost-effectiveness in Nigeria’s oil and gas industry.
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Wunti stated that following the incorporation of NNPC Limited and the inauguration of the NNPC Board, work was put into implementing other requirements of the PIA within the set timeframe.
He also said that huge progress had been made in combating the issue of security and cost in the industry.
He added that the implementation of the Nigeria Upstream Cost Optimization Program (NUCOP) and an industry’s tripartite security framework would tackle cost and security issues respectively, resulting in a more vivid oil and gas outlook for the country.
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He said that the act outlines clearly, the roles and responsibilities of all stakeholders, saying that it would translate into the growth of the industry in line with the aspirations of government for the sector as contained in the PIA.
He further stated that the 3E’s – Energy Transition, Energy Investment and Energy Crisis are key game changers in revolutionising the oil and gas industry.
Wunti explained that the recent energy crisis marked by the highest ever gas price was a result of the global push for net zero-emission future strengthened by strict Environmental, Social & Governance (ESG) requirements and activist investors.
He urged stakeholders in the industry to adopt critical thinking, collaboration and compliance, as they are key to optimising the gains of the PIA for all stakeholders.
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