Wednesday, October 5, 2022

PIA will boost oil, gas investments in Nigeria: Sylva

The Minister of State Petroleum Resources, Timipre Sylva, says the desire to surmount the challenges bedevilling the oil and gas sector led to enacting the PIA.

• September 23, 2022
Timipre Sylva (Credit: @NNPCGroup)
Timipre Sylva (Credit: @NNPCGroup)

The Minister of State Petroleum Resources, Timipre Sylva, says the desire to surmount the challenges bedevilling the oil and gas sector led to enacting the Petroleum Industry Act (PIA).

Mr Sylva spoke at the Nigeria International Economic Partnership Forum, in New York, with the theme ‘Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead’.

In a statement on Thursday, the minister said President Muhammadu Buhari regime’s desire to inject life into the sector characterised by fiscal and operational challenges led to making proactive reforms a priority. The minister added that enacting the PIA on August 16, 2021, was a “watershed.”

He said it signalled the beginning of a more conducive environment for investment, output, and industrial and national growth while also addressing legitimate grievances of resource host communities most impacted by resource extraction operations.

At full implementation, he said the PIA 2021 would create massive investment opportunities, improve transparency, attract investors, and reposition the Nigerian Oil and Gas industry for sustainable growth. The minister said the PIA 2021 had established a legal, governance, regulatory, and fiscal framework for the petroleum industry, host community development, and associated matters.

“It provides fiscal certainty, improves regulations and incentives for investment, including up to ten-year tax vacations, while guaranteeing better take for both government and private investors, thereby balancing rewards with risk,” Mr Sylva explained. “The PIA has set the foundation for sustainable growth in the sector with the establishment of the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Sport

Ukraine joins Spain, Portugal to bid for 2030 World Cup

The joint bid aims to use football as a way to contribute to Ukraine’s reconstruction, the statement said.

States

Flooding: FRSC advises North-South travellers to avoid Kogi highway 

Mr Dawulung expressed concern about the massive gridlock that was built around Koton Karfe in Kogi Local Government Area on Abuja-Lokoja-Lagos-Enugu road.

Ifeanyi-Chukwuma Odii

Politics

Ebonyi Guber: PDP’s Odii, 12 others in INEC’s final list of candidates 

Ifeanyi Odii of the Peoples Democratic Party (PDP), and Francis Nwifuru, speaker of the Ebonyi House of Assembly and APC candidate, made the list.

Economy

Reps query Chevron over $7.8 billion increase in cost of gas-to-liquids project

The committee on the Joint Venture of the NNPC limited raised concerns when the management of Chevron appeared before the lawmakers in Abuja.

Andreas Christensen

Sport

Barcelona’s Christensen out with ankle sprain

The club said further tests would be carried out on Wednesday to ascertain the full extent of the injury.

Education

Ngige has turned ASUU strike to personal fight: Jega

He said that Mr Ngige is responsible for how the seven months old strike has lingered, having turned the situation into a personal affair.