‘Passage Of PIB Crucial To Oil, Gas Devt’

For Nigeria to remain at par with other developing countries like Malaysia, the country must have sustainable plan of action as embedded in the Petroleum Industry Bill (PIB) to attain the much needed development in the sector.

This was the submission of former chairman, Senate Committee on Petroleum Resources Upstream , Senator Lee Ledogo Maeba, at a public forum organised by the National Association of Energy Correspondents (NAEC) recently in Lagos.

Maeba whose paper dwelt on implications of not passing the bill argued that its non-passage was grossly responsible for the limitation of the Nigeria Content Act, adding that present and future power projects would be adversely affected if action was not expadited on it.

“ Many new projects will not attract financial investment decision,no new investment is coming to Nigeria leading to eventual reduction in petroleum production. Community agitation is likely to return,deregulation of the downstream will continue to be put on hold while government spends its income on subsidy,” he added.

Maeba who solicited for the passage of the bill, further posited that delay in the passage could spark renewal of leases, adding that new acreages would not be freed up for take by Nigerian indigenous producers

He said that the delay in the passage of the bill would slow down the country’s economic growth.

Harping on its importance, he explained that it would enhance the exploration of and exploitation of petroleum resources for the benefit of all Nigerians, just as it would create strong institutions and efficient regulatory entities in the sector.

“ It is a bill that significantly increases domestic gas supplies for power generation and industrial development, create a peaceful business environment for petroleum operations,and protects health , safety and environment,” he said.

He pointed out that the committee he chaired had before now recommended the establishment of a strong , viable and virile National Petroleum Inspectorate(NPI) that would be equipped to provide technical regulation for the industry.