The Nigerian National Petroleum Corporation, NNPC, has urged the National Assembly to pass the Petroleum Industry Bill (PIB) into law.
A statement released Monday by NNPC spokesperson, Ndu Ughamadu, said that the passage of the bill will create an enabling environment for the industry to flourish and dissuade the International Oil Companies (IOCs) from exiting the country.
According to the statement, the Group Managing Director of the NNPC, Maikanti Baru, who made this plea, noted that the long delay in the passage of the PIB had led to uncertainty in the industry.
Mr. Baru disclosed that the recent move by the National Assembly to amend the NLNG Act had also dampened the optimism of investors in the industry.
“The Review of the NLNG Act by the National Assembly is causing a challenge for the Federal Government and the IOCs and it is sending wrong signals to the international community about how business is done in the country,” Mr. Baru stated.
Commenting further, the NNPC helms man said the NLNG market was growing at a tremendous rate, disclosing that between now and 2030, it is projected that the market would grow by 65 per cent.
The GMD explained that the Federal Government would do everything to ensure the take-off of Bonny NLNG Train 7 and the Brass LNG in the months ahead after which the Olokola LNG would come on board if the fundamentals were strong.
He stated that the NNPC was refocusing on the Brass LNG and rebuilding the confidence of investors on the project after the exit of Conocophillips a few years ago, adding that Nigerians and the Federal Government would gain a lot from the project in terms of taxes, royalties and profits.
Mr. Baru noted that when the project comes on stream, it would create massive employment opportunities for Nigerians.
“We are refocusing on Brass LNG and rebuilding the confidence of the IOCs in the project. It has a lot to do for Nigerians as it will create employment opportunities and create more revenue opportunities for the Federal Government.
“We will continue to put the right enablers in place for the project to go on,” Mr. Baru said.
The NNPC GMD, according to the statement, described the Bonny NLNG as
one of the biggest success stories of the Nigerian oil and gas industry since it came on stream in 1995, affirming that the project has generated $90 billion revenue, $30 billion dividends and contributed 4 per cent to the country’s Gross Domestic Product since inception.
“(Mr.) Baru noted that the focus of the industry was to ensure stable security of investment, personnel and investors and to ensure that all community issues were addressed in order to boost revenue for the government and investors from the industry,” the statement noted.