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.