…………….by Abisoye Shola…………
Experts who served as consultants to the crafting of the petroleum Industry Bill (PIB) that was signed into law as Petroleum Industry Act (PIA) are set to Confer on the strategic Pathway to the Implementation of the oil and gas industry law.
These experts will tomorrow September 23, 2021 by 2.00 PM GMT +1 through an online conference/webinar organized by FINANCIAL ENERGY REVIEW in collaboration with EMMANUEL EGBOGAH FOUNDATION provide the Elements of PIA 2021 as well as the strategic implementation for value creation and Addition.
These industry experts include Dr. Francis Adigwe, Prof. Yinka Omorogbe, Dr. Timothy Okon, Dr, Tunji Oyebanji and Prof. Wunmi Iledare.
Hinting part of their deliberations tomorrow they said that decades of delay in formulating a new petroleum policy framework in the management of Nigeria’s oil and energy resources is a factor that has caused dwindling revenue, diversion of major investments, very low rig activities for exploration and production, low reserves additions, poor economic development, very high unemployment rate, very low per capital income, and many economic woes for the nation.
“The expectations that the passage of the Petroleum Bill 2020 (PIB) into law, the Petroleum Industry Act (PIA 2021), would erode uncertainties in the petroleum industry and boost investors’ confidence to spur new investments in the Nigerian oil and gas industry are quite plausible” Prof. Iledare who will moderate the conference tomorrow said.
According to them PIA 2021 provisions on Institutions and Governance seek to reverse the near comatose and negative challenges bedeviling the Nigeria petroleum industry.