Minister of State Petroleum Chief Timipre Sylva has declared that the Petroleum Industry Act (PIA) will enhance energy growth and sustainability in Nigeria.
Speaking as a participant at a ministerial roundtable, at the World Petroleum Congress (WPC), in Houston Texas, on Wednesday, Sylva said the passage of the law has created renewed interests in the Nigerian oil and gas business environment.
According to Sylva, “The Petroleum Industry Bill (PIB) has been passed into law (now PIA 2021). This strengthens the legal, regulatory, fiscal and governance framework of the petroleum sector. PIA has enhanced the Nigerian petroleum industry’s reputation, provides the pathway to new investments, and consolidates our ability to play a significant role in meeting the world’s growing demand for energy”.
He noted further that “PIA will assist in increasing oil and gas production to provide clean and efficient energy; will supply world markets with a broad portfolio of energy options and support global endeavour to alleviate energy poverty in line with United Nations’ Sustainable Development Goal 7”.
The minister continued: “PIA proposes a fiscal regime that encourages investment in order to monetize existing reserves in the short to medium terms and generous incentives to enable development, distribution, penetration and utilization of gas”.
