The Honourable Minister of State Petroleum Resources (Oil) Sen. Heineken Lokpobiri Ph.d has stated that Petroleum Industry was critical to Nigeria’s monetary and fiscal policy environment with crude oil contributing about 90% of the Nation’s foreign exchange and up to 65% of the Government’s revenue.
He highlighted in his keynote address that the new Petroleum Industry Act (PIA) repeals about 10 Acts of the National Assembly relating the oil and gas industry and consolidates those laws into a single Act.
Represented by the Director of Upstream Department in the Ministry, Engr. Kamoru Busari FNSE, the Minister made this statement today, 12th December, 2024; in Asaba, Delta State during the 8th edition of National Council on Hydrocarbons with the theme: The Petroleum Industry Act (PIA) 2021: The Journey so far “.
Going down the memory lane, the Minister informed his audience that ” The National Council on Hydrocarbons (NCH), an annual event of the Ministry of Petroleum Resources, commenced in year 2016 and has been sustained till date.
“The Council was established to garner ideas that will enhance good policy formulation and implementation in the Oil and Gas (Energy) Sector”. He said.
The PIA, he continued was passed into law in 2021 after a long journey of over two decades and has since became the new bride of the Sector. It’s proper implementation was meant to turn around not only the fortunes of the energy industry but the entire nation.
Reflecting on the gains made after two years of operation of the PIA, the scale of areas of changes would have been widespread and profound, as it was the root and branch of the administrative, regulatory and fiscal regime of the key Petroleum Institutions, the Minister acknowledged that overhauling the Act would cover gaps and give room for better implementation.
Lokpobiri therefore urged the Council to be focused in their discussions and be objective in taking decisions on the memoranda that will be presented to them.
“Remember, the decisions you take today will affect positively or otherwise the future of this industry “, he said.
In his remarks, the Executive Governor of Delta State, represented by the Secretary to the State Government, Dr. Kingsley Emu noted that the events of the last three days are testaments to our collective commitment to harnessing the vast potential of Nigeria’s Hydrocarbon resources for the benefit of our great nation.
The Governor reaffirmed that Delta State will remain committed to supporting the growth of Hydrocarbon Sector. “As the highest producer of Hydrocarbons, we recognise the pivotal role this industry plays in shaping our nation’s economy, and are dedicated to creating an enabling environment for its continued prosperity”. He stated.
He expressed his optimism that ” Together, we can overcome the complexities of the hydrocarbon landscape and unlock its full potential for the benefit of our people”.
The highpoint point of the eighth meeting of the National Council on Hydrocarbons (NCH) was the presentation and adoption of the Communique.
Signed
Christopher Ugwuegbulam
Assistant Director (Information and Public Relations).
