Business
Petroleum Industry Bill will protect investors’ interests- Ajumogobia
The Minister of State for Petroleum, Mr Odein Ajumogobia, has said that the petroleum industry bill will protect interests of local and foreign investors.
Ajumogobia made the clarification in an interview with newsmen at the just concluded Nigeria Oil and Gas seminar in Abuja.
He said that the Federal Government had adopted two strategies to attract new investments and re-position the industry while also seeking to create the enabling environment for existing investments to thrive.
The minister said that it was only the bill that could address all the concerns of investors and those of the people of the Niger Delta.
He said that when passed, the bill would protect and restore confidence of investors to continue to partner with the Federal Government.
Ajuomogobia said that concerns bordering on deep water, gas terms, domestic gas pricing and acreage management as well as incorporated joint ventures were being reviewed by the Federal Government.
He said that this was with a view to making changes in response to fears expressed by some international oil companies about tax implications of the new bill.
The minister said that an IMF report on the bill had supported and strengthened government’s position of using the bill to enhance competitiveness and promoting investment in the sector.
Ajumogobia said that the bill now at the National Assembly would bring about more cordial relationship among stakeholders on policy formulation in the industry.
“We have crafted a law that we believe is in the best interest of the country. If passed, the plan is to continue to review it in line with developments in the oil and gas industry.
“What we did was to craft a law that can take care of the most urgent general problems we are having in the oil and gas industry now,” he said.
He described the bill as a legislative instrument to drive the reform and urged the National Assembly to expedite action on it to facilitate the reform agenda.
“We will ensure best industry practices, we are determined to succeed.
“The Niger Delta has continued to enjoy peace due to the amnesty deal which has enabled us to re-take our place in oil production and restored confidence of investors to continue to partner with us,” he said.
Ajumogobia said that the amnesty programme had assisted in reducing tension and insecurity in the Niger Delta as well as led to increased crude oil production. He expressed optimism that more oil firms would return to their sites with the return of peace to the region.
The just concluded conference was attended by more than 9,000 participants including foreigners.
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