Oil & Energy
PETAN Faults Move To Scrap DPR, PPPRA
The planned scrapping of the Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA) under the Federal Government’s reform in the oil and gas sector would engender growth in the industry.
This was the position of Engr. Emeka Ene, the Chairman, Petroleum Technology Association of Nigeria (PETAN) while speaking in an interview with The Tide in Port Harcourt, Tuesday.
According to Ene, “The move will improve efficiency by creating a one-stop-shop and reduce toll gates that hinder growth in the oil industry”.
The Federal government under its reform programme as enshrined in the current version of the Petroleum Industry Bill (PIB) replaced DPR and PPPRA with Petroleum Technical Bureau (PTB) and Downsteam Petroleum Regulatory Agency.
If the bill is eventually passed, the Federal Government is to offer 30 per cent equity to Nigerians in the unbundled Nigerian National Petroleum Corporation (NNPC) and there will be a total deregulation of the downsteam sector.
As contained in the bill, three months after its signing, the new agencies that would come from NNPC are National Oil Company, National Petroleum Assets management Corporation and National Gas Company.
Nigerians and other investors would according to the bill, have the opportunity to own 30 percent shares in the National Oil Company and 40 per cent shares in the National Gas Company.
Within six years after the incorporation of the two companies, equity would be allowed into the two companies and the authorised shares meant for the public manner on the Nigerian Stock Exchange (NSE).
Vivian-Peace Nwinaene
Oil & Energy
“NCDMB, MJD, Renaissance Launch Pipeline Engineering, Corrosion Control Training
Oil & Energy
Fuel Price Hike: NAJA Tasks FG On Crude Supply To Local Refineries
Oil & Energy
FG Advances $20bn Nigeria-Europe Gas Pipeline Plan
-
News3 days agoNigeria Recorded Two World’s Deadliest Terror Attacks In 2025 –Report
-
Politics2 days agoEid-el-fitr: INEC Urges Staff Discipline Ahead Ekiti, Osun Guber Polls
-
Editorial2 days agoThumbs Up For Sit-At-Home Reversal
-
News3 days agoPerm. Sec Pats Rivers NUJ On The Back
-
News3 days agoExplosions Rock Lagos, C’River, Kill One, Injure 40
-
News3 days agoFubara Hails Umah Ukpai’s Contributions To Global Christian Evangelism
-
Education2 days agoOpobo Kingdom moves to incorporate Ibani Language Into School Curriculum, Takes Off April
-
News3 days ago
Etche Monarch Alleges Death Threats, Assault
