The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, says the Petroleum Industry Bill (PIB) currently before the National Assembly will transform the nation’s oil and gas industry when passed into law.
The minister was quoted as saying this at the Africa Energy Summit session during the Cambridge Energy Research Association (CERAWEEK 2013) in Houston, Texas, U.S.
A statement issued by the Group General Manager, Public Affairs, NNPC, Ms Tumini Green on Friday said that the minister was represented by the Group Executive Director, Exploration and Production, NNPC, Mr Abiye Membere.
“The PIB will ensure the development of our abundant oil and gas reserves, encourage significant infrastructural development and situate the Gas revolution,
“Aside attracting new investors to the nation’s oil and gas industry, the PIB will also ensure that new fiscal regime is put in place to address all issues of equity among stakeholders.’’
It noted that the instability in the Niger Delta would be addressed by the PIB and the country's revenue would be well-managed for a balanced development of the country.
It said that the continued reluctance of the International Oil Companies (IOCs) to sincerely implement in-country capacity building to drive the local content implementation posed a big challenge to the sector.
“If after 50 years of operation in Nigeria, foreign companies are preferred to indigenous companies; it clearly shows that there is a problem. This has to change,’’ it stated.
The statement decried the non involvement of host communities in the development of their areas and stressed the need to collaborate with the host communities.
The News Agency of Nigeria (NAN) reports that the bill, which has been generating a lot of controversies recently scaled through second reading at the Senate