Wednesday, September 23, 2020 / 6:00 PM /
Bukola Akinyele for WebTV / Header Image Credit: WebTVNG
The passage and signing into law of the
Petroleum Industry Bill (PIB) will provide an enabling policy environment for
new investments and the development of the Nigerian Oil and Gas sector. This
was the opinion of Mr. Bambo Ibidapo-Obe, the General Manager Commercial, Oando
Energy Resources Limited, as he expressed his views on WebTV's Economy and
Politics programme with the theme, "Repositioning The Nigerian Oil and Gas
Sector for Sustainable Development and Growth".
According to Ibidapo-Obe, the PIB will
provide effective regulation and transform the Petroleum sector into a stronger
driver of revenue diversification.
"Nigeria has huge Gas reserves which
can be utilized effectively to achieve industrialization and serve as a pivot
for the nation's economic growth," he said.
Speaking further he said Nigeria can unlock enormous opportunities in the economy and create jobs through the gas sector supporting power generation and other industries in the country.
He noted that Oando Plc was also exploring
gas as a means of achieving sustainable energy to drive its operations and
create economic value.
Giving further insight into the gas
economy he believed that despite the adverse impact of the COVID-19 pandemic on
the Oil and Gas industry globally, Nigeria had bright prospects for reinventing
the industry, through activities like the Full Marginal Oilfields Round bids,
which should be finalized between Q3 and Q4, 2020.
He also observed that there are large opportunities for indigenous
oil companies to explore in terms of new
investments in the industry.
The oil and gas professional, commended the Federal
Government through the Ministry of Petroleum and the Nigerian National
Petroleum Corporation (NNPC), for driving initiatives like the 'AKK' Gas
project, alongside approvals for modular refineries and several refineries in
the country, which he said would boost Nigeria's Gas-industrialization
strategy.
Concerning activities of the Oil Producing Exporting
Countries (OPEC) which recently marked its 60th anniversary, Ibidapo-Obe
lauded the agreement with the OPEC+ group (Non-OPEC members) that has brought
about some level of stability to global crude oil production.
He agreed that Nigeria could learn from the United
Arab Emirates (UAE) which used its Oil and Gas industry to lead robust
industrialization and diversification of its revenue base.
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