Chief Timipre Sylva, Minister of State for Petroleum, has stated that the Petroleum Industry Act (PIA) will boost energy growth and sustainability in Nigeria.
On Wednesday, Sylva stated as a participant in a ministerial roundtable at the World Petroleum Congress (WPC) in Houston, Texas, that the passing of the bill has rekindled interest in the Nigerian oil and gas business climate.
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”.