The Passage of the Petroleum Industry Bill (PIB) into law would serve as a catalyst to the revolutionisation of the oil and gas industry, former minister of state for Petroleum, Mr Odein Ajumogobia has said.
Speaking at the ESQ Oil and Gas Summit 2012 in Lagos recently, Ajumogobia said the PIB was an ambitious attempt to revolutionise the oil and gas industry with a single legislation.
According to him, when passed, it would guarantee potential investors who intend to invest in the sector as people were now conscious of investing as they felt there was no legislation to protect them.
He observed that the delay in the passage of the bill could not allow potential investors, both local and foreign to make huge financial investment in the sector.
Ajumogobia noted that the PIB was a transformative piece of legislation aimed at consolidating the 16 different Nigerian Petroleum laws into a single document in a bid to establish a new legal and regulatory framework as well as new institutions and regulatory authorities.
Also prsecutting a paper entitled, “Structuring Oil and Gas Projects for International Financing,” Mr Jason Kerr, Partner, White $ Case, UK said the country needs to put in place certain structures even though it possesses what it takes to attract offshore financing for various projects in the oil and gas industry.
These structures he said include strong legal frame work, thriving domestic banking sector, compelling need for investment in infrastructure, political reforms, functional refineries, Petroleum Chemical plants among others.
Areas deliberated at the summit were gas revolution, third world countries in the global oil sector, local content development and financing projects in the industry.
Stakeholders who attended include Mr Omamofe Boyo, deputy (EO, Oando Plc, Mr Dayo Okusami, General Counsel, Atlantic Energy Mr Gbenga Oyebode, Chairman, Access Bank, Dr Ibe Kachikwu, Executive Director, Exxon Mobil among others.