Business
Oil Experts Want National Environmental Database
Stakeholders in the oil and gas industry have called on the Department of Petroleum Resources (DPR) to spearhead the establishment of a National Environmental Database for the sector.
The call arose from the just-concluded 18th Biennial International Health, Safety and Environment (HSE) conference held in Lagos.
The HSE conference was organised by DPR to engender HSE awareness among stakeholders in the oil and gas industry.
They argued that the regulators should lead a paradigm shift in the industry’s approach to bio-diversity conservation starting with requirements for increased budgetary allocation by operators and five-yearly check on the region’s biodiversity.
The stakeholders said in the communiqué from the conference that sustained efforts are required to stem the pervasive mediocrity across environmental practice in Nigeria.
“Key actions required include intervention to ensure quick passage of the bill for an institute of environmental practitioners and a voluntary code of ethics for environmental practitioners,” they said.
The oil and gas experts said that the practice of burning crude oil recovered from illegal activities should be stopped forthwith, because revenue was being lost and it causes major air, water and soil pollution.
They were of the views that procedures, including temporary lay down areas should be established to receive, monetise and responsibly dispose of recovered crude oil.
They also recommended that the DPR should spearhead the establishment of a publicly accessible accident investigation report database for the industry.
“The DPR should progress multi-stakeholders engagement and intensify its awareness campaign to mainstream the DPR-initiated, Minimum Industry Safety Training for Downstream Operations (MISTDO), aimed at reducing accidents and incidences in the sector.
They, however, urged operators to continue to improve on community-operator relations through sustained social interventions in infrastructure and human capacity.
They said that all new projects should have decommissioning in view of the conceptual stage of the project through design and implementation.
On safety, the stakeholders argued that the oil and gas industry needed to include process of safety in implementing asset integrity programnes.
They said that such process of safety activities should include measures to prevent deterioration of Safety Critical Equipment (SCE) in the maintenance management systems.
“Chemical risk management should form a key part of safety assessment studies in the oil and gas industry.
“ The employment conditions of workers in the downstream sector requires intervention to improve their safety culture, performance and motivation,” they said.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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