Managing Director of Total Energies E&P Nigeria Limited, Mr. Mike Sangster has called for the accelerated implementation of the Petroleum Industrial Act (PIA) to fully harness the potentials in the oil and gas sector, saying the window for investments into fossil fuels in the country is narrowing.
Sangster stated this in his remarks at the Pre-conference Workshop of the Nigerian Association of Petroleum Explorationists (NAPE) 39th conference in Lagos.
“The fact is the PIA implementation must be accelerated. The window for investments into fossil fuels is narrowing. Very few years would remain for access to urgent funds to develop the Nigerian petroleum industry to launch it into that era of energy transition and prosperity that the world envisions,” he said.
To unlock and maximize the potential of the PIA, he called for political will for a consistent implementation of the provisions of the Law; continuous engagement and consultations with all stakeholders for the unflinching support necessary for the success of the Law.
He also noted that frequent amendments of the Act “will foster policy instability and instigate apprehension among investors.”
Sangster is also of the view that too many litigations against oil companies threaten operational stability and induce long term uncertainties.
Following the scrapping of some agencies after the signing of the PIA into law, the energy expert called for proper/transparent management of the transition from the now defunct agencies to the new ones.
He described the PIA as “invariably the most significant legislation to impact the oil and gas landscape due to its ramifications on the industry and country at large.”
“The Act is expected to eliminate regulatory/legal hurdles, attract critical investments, unlock financial resources, accelerate local content development, and enhance employment, among other opportunities,” he added.
