The Organisation of Petroleum Exporting Countries (OPEC) has congratulated President Muhammadu Buhari for signing into law the Petroleum Industry Bill (PIB).

The Secretary General of OPEC, Mohammed Barkindo, said this in a congratulatory letter released to the News Agency of Nigeria (NAN) on Monday.

“I wish to extend my congratulations to you on signing into law the Petroleum Industry Bill (PIB), which marks a significant milestone for Nigeria’s oil industry and an historic achievement for your Presidency.

“With the stroke of a pen, you have inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector.

“Indeed, the new law will enhance the Nigerian petroleum industry’s reputation, open the door to new investment and ultimately strengthen its position to meet the world’s growing demand for energy,” he said.

He added that the enactment of the legislation was timely as the investment outlook had become clouded by efforts aimed at accelerating a lower-carbon future.

According to him, the new law will help harness Nigeria’s potential to achieve its programme of raising oil production to 4 mb/d and oil reserves to 40 billion barrels, while also drawing on the country’s vast natural gas reserves to provide clean and efficient energy.

“In addition, these resources will be vital to supplying world markets with a broad portfolio of energy options, and support global efforts to alleviate energy poverty as outlined in the United Nations’ Sustainable Development Goal 7.

“The passage of the PIB by both houses of the National Assembly on 16 July and your act of signing it into law coincide with another significant milestone in our country’s history – the 50th anniversary of Nigeria’s Membership of OPEC.

“This golden moment provides a unique opportunity to reflect upon Nigeria’s rise as a global energy supplier and partner,” Mr Barkindo noted.