PIB Will Stimulate Local Participation In Oil And Gas Sector- Sylva 

Nigeria hit by the twin shock of Covid- 19 pandemic and the plunge in oil prices has said designing its petroleum legislation to spur indigenous participation is an “element of national strategy and sustainability.”

The Minister of State for Petroleum, Timipre Sylva, said as part of the global energy transition, the Petroleum Industry Bill has been designed to woo huge local industrial participation.

Sylva said this during the 2020 Nigeria Energy Industry Transformation Summit, a virtual meeting put together by the Society of Petroleum Engineers Nigerian Council.

The most populous black nation seeks to boost its gas industry to meet both domestic and export needs while drifting away from oil based economy.

The country, short of foreign exchange due to the fall in global oil prices from $70 per barrel had intensified investment into building infrastructure around the agricultural sector.

Nigeria sees agriculture as its next major foreign exchange earner in the long run.

The Minister said the global energy business has been hit with uncertainty in 2020 which has caused the country to rethink activities in the local industry.

According to Sylva, the pandemic has brought the greater need for indigenous players in the oil and gas sector.

The minister said, “With the pandemic, the encouragement of local industry participation is now an element of national strategy and sustainability.”

Sylva said the proposed Petroleum Industry legislation would further encourage participation in the number of Nigerian in the various oil and gas activities.

Nigeria had declared 2020 as the year of gas which according to the minster is being pursued through the National Gas Exploration programme.

He said the programme would deepen gas penetration and avail Nigerians options for alternative fuel and a cleaner environment.

Sylva also said his ministry was working towards converting gas flared into cheaper energy for the country.

He revealed the PIB has provided for the natural gas to make the most contribution to sustainable industry and development of Africa’s oil giant.

Nigeria’s gas expansion programmes would equally address existing legal and existing instruments that hindered gas expansion.