The Petroleum Industry Act (PIA) 2021 and its implementation will face scrutiny by industry professionals, policymakers, and stakeholders at the 2022 Nigeria International Energy Summit (NIES 2022), a statement from the organisers said on Monday.

According to the statement, the NIES 2022 has been scheduled in Abuja from February 27 to March 3, 2022.

The Petroleum Industry Act 2021 was assented to and signed into law by President Muhammadu Buhari on August 16, 2021, to repeal the extant Petroleum Act 2004.

The PIA was enacted to provide for the legal, governance, regulatory, and fiscal framework for the Nigerian Petroleum Industry, the establishment and development of host communities, and other related matters in the upstream, midstream, and downstream sectors.

Chief Executive Officer of Brevity Anderson, organisers of NIES 2022, James Shindi, noted that the passing of PIA delivered much-needed stability to the industry by settling the applicable regulatory and fiscal terms.

“It is now time for industry experts and stakeholders to assess whether it creates a framework that can support long-term challenges of declining investments and project development, especially against the backdrop of the energy transition,” stated Mr Shindi. “The PIA is a historic move. It is a major feat by the Buhari presidency. And we want to use the NIES platform to ensure that its implementation turns out to be a win-win for government, industry, and the Nigerian people.”

According to an Ernst and Young publication, the PIA seeks to ensure increased transparency and accountability in the sector.

It should be noted that from the inception of the summit in 2018, discussions around the Petroleum Industry Bill (PIB) had taken centre stage.

The NIES, formerly known as the Nigerian International Petroleum Summit (NIPS), is the official oil and gas meeting event.

With the full backing of the Nigerian government, NIES has, over the years, witnessed the highest level of attendance by top decision-makers, industry leaders, and all stakeholders from both the public and private sectors.

(NAN)