Oil, Gas Exploration: Nigeria Needs Innovative Ways To Be Relevant – Minister

For Nigeria to continue to be relevant as a major player in the global oil and gas industry, it must come up with innovative ways of exploiting and exploring its abundant oil and gas resources.
Speaking during his opening remarks at the stakeholders’ consultation on draft regulations on implementation of the Petroleum Industry Act, Wednesday, in Abuja, the Minister of State for Petroleum Resources, Timipre Sylva, called for innovative ways in exploring oil and gas in the country.
According to him, stakeholders in Nigeria’s oil and gas industry “must in designing any regulation put in focus how we can balance the energy base load for Nigeria so that we will not be left behind in the energy transition train while still harnessing our rich natural hydrocarbon reserves.”
Sylva noted that the huge divestments in the hydrocarbon explorations by oil majors in the country in the past as a result of the global energy transition needs to be approached in new ways as the country continues to rely on gas as its transition fuel.
He, however, said the enactment of the PIA is expected to open up opportunities in the oil and gas sector of the economy.
“The enactment of the PIA would usher in new investment opportunities in the Nigerian Petroleum Industry with massive opportunities for every industry player.
“It is to this end, that the Legislative Arm of Government in its wisdom deemed it necessary to involve various stakeholders and professionals in the oil and gas industry like you and I in the making of these regulations”, he said.
The Draft Regulations was prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in conjunction with the Presidential Steering Committee on the Petroleum Industry Act (PIA).
The Minister noted that for the PIA to succeed, there is a strong need for effective regulations to harness the gains of the legislation, adding that the “Government has a mandate of ensuring sound management of the oil and gas sector considering the key role the sector plays in the revenue generation of the country.
“It is believed that a robust engagement such as this would create the platform for all of us to brainstorm in a constructive manner and harness the necessary input from various stakeholders to further clarify the draft regulations and eventual firming up of the final regulations for use”, the Minister stated.
He, therefore, urged industry stakeholders to join hands together in ensuring sustainability and maximise the benefits obtainable from the industry.
“This is why the Presidential Steering Committee on the PIA, which I chair as the Minister of State Petroleum Resources, has played this pivotal role in collaborating with the commission in the drafting of the first set of regulations, which will be presented for review at this interactive forum.
“I am hopeful that the regulations when fully implemented will help in no small measure in the smooth take-off of the day-to-day operations of the NUPRC”, Sylva said.