PIB Will Be An Enabler For Increased Investments In The Oil and Gas Sector - Bambo Ibidapo-Obe

Proshare

Wednesday, September 23, 2020 / 6:00 PM / Bukola  Akinyele for WebTV / Header Image Credit: WebTVNG

 

Proshare Nigeria Pvt. Ltd.


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.


Watch Video

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Related News

1.       Oil is Still Stuck at $40 - OIR 220920

2.      Emerging Concerns on Crude Oil Price Dents Economic Recovery

3.      Oil Bulls Return As OPECplus Reassures Markets - OIR 180920

4.      Average Prices of PMS, AGO, HHK and Cooking Gas - August 2020

5.      Hurricane Outrages Provide Temporary Relief For Oil Markets - OIR 150920

6.      FG: Dangote Refinery Will Sell Petrol at International Price

7.       NOVA Monthly Oil Market Update: Production Scale Back Pressured Prices

8.      Oil Prices Creep Higher Despite Bearish Sentiment - OIR 110920

9.      Effective Gas Utilization Will Guarantee Energy Security For Africa - Austin Avuru

10.  Petrol: An End to the Subsidy Regime?

11.    Oil Prices Crash on Weak Demand - OIR 080920

12.   Towards a Comfort Zone for the Oil Price

13.   Oil Prices Fall Below $43 on Demand Concerns - OIR 040920

14.   PPMC Increases Ex-depot Price of PMS to N151.56 per Litre

15.   Axens Selected for BUA Group Integrated Refinery and Petrochemical Project in Nigeria

16.   Oil Prices Could Rise to $65 - OIR 010920

17.   Oil Prices Fall As Hurricane Fears Subside - OIR 280820

18.  Nigeria Prepares for an Extended Period of Low Oil Prices


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP