Experts have harped on the full implementation of the Petroleum Industry Act, PIA, saying it is capable of engendering trust and enhancing investor confidence towards achieving a successful transitioning of the Nigerian oil and gas industry.

While speaking at the Strategic International Annual Conference 2022 organised by the Association of Energy Correspondents of Nigeria, NAEC, in Lagos, Head, Gas & Power for Quest Oil & Engineering Services, Engr. Gûeorge Amara, stated that the PIA would enhance investor confidence and guarantee returns on investments.

Speaking in one of the panel sessions on the theme, ‘Energy Transition, Shaping the future of Nigeria’s Energy Industry, an appraisal of PIA, evolving benefits and challenges,’ Engr. Amara said that the stakeholder-based inclusiveness framework and market-driven nature of the Act provided a transparent platform for both the regulators and operators to work together.

He said it would ensure all parties acted as partners in progress. He also harped on the need for stakeholders to collaborate in order to succeed in this transitioning phase of the industry.

Supporting the call for the right pricing of petroleum products, Amara opined that it was imperative for market forces to be given the right of way to encourage competition within the industry as seen in other climes. According to him, this would drive growth and development of the downstream oil and gas sector.

Amara also emphasised the need for local refining of the petroleum products in order to lower the operational/logistic costs, create employment in-country and harness the entire value chain benefits of the petroleum and other related industries.

Another panelist on the session, the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Comrade Festus Osifo, noted that in order to build lasting success in the industry, the government must prioritise the refineries. According to him, this had the potential of producing a multiplier effects on pricing and products availability for the Nigerian people.