Oil & Gas Industry Reforms Will Make Investment Climate More Favourable, Says NNPC GMD

The Group Managing Director of the Nigerian National Petroluem Company Ltd, Mr Mele Kyari has said that the current reforms being implemented in the oil and gas industry through the Petroleum Industry Act will make the sector more favourable for investors.

He said this in a goodwill message delivered at the Nigerian oil industry awards dinner and cocktail held in the United States.

The dinner was held at the sidelines of the Offshore Technology Conference which had as its theme, “Energy transition and the future of Africa.”

At the dinner, the NNPC was given an award by the Petroleum Technology Association of Nigeria

Kyari who was represented by the Group Executive Director (Upstream), NNPC Ltd, Engr. Adokiye Tombomieye stated that over the years, the gathering has offered opportunity to connect informally while also improving business relationships and ultimately changing the narratives of the image of Nigeria.

He stated that the unwavering participation of the NNPC at the event clearly demonstrates the extreme commitment which the National Oil Company has deployed to the advancement of multinational ties.

This, he added, is also a reflection of the penetration of Nigerian culture and talents across the globe.

The NNPC GMD commended the Petroleum Technology Association of Nigeria for its consistent in flying the nation’s flag at the annual Offshore Technology Conference (OTC), adding that this year is no different.

According to him, PETAN has continued to amplify the gains in domiciling technical expertise within the Nigerian oil industry.

He said, “As you are all aware, the Nigerian Oil and Gas industry is witnessing a wind of reforms. The restructuring of the industry along legal and commercial fronts will strengthen our resolve to make the investment climate more favourable.

“I implore you to latch on the appetite to embrace technology to champion improved collaboration with global players in this sector for the benefit of our dear nation.

“The necessity to also entrench data management in our operations and reinforce capacity development cannot be over emphasised.”

The Federal Government is currently implementing series of reforms in the oil and gas sector through the Petroleum Industry Act.

The PIA represents the gold standard of natural resource management, with clear and separate roles for the subsectors of the industry; the existence of a commercially-oriented and profit-driven national petroleum company; the codification of transparency, good governance, and accountability in the administration of the petroleum resources of Nigeria.

It also guides the economic and social development of host communities; environmental remediation; and provide a business environment conducive for oil and gas operations to thrive in the country.

The law commercializes the state-owned enterprise, the Nigerian National Petroleum Company, turning it into the NNPC Ltd, a quasi-commercial entity.