Oil & Gas
MR Michael Sangster, the Chairman, Oil Producers Trade Section (OPTS) says the group is committed to supporting any move that will accelerate the growth of the oil and gas sector in the country. .
Sangster gave the assurance while delivering a goodwill message at the fourth Nigeria International Petroleum Summit (NIPS) in Abuja on Monday.
“OPTS remains committed to government and all stakeholders in the industry to move the industry forward,” he said.
He said that the theme of the conference “From crises to opportunities, new approaches’’ was apt as it would provide opportunities for stakeholders to discuss ways forward for the industry.
He said that COVID- 19 had affected the sector globally and there was a need for stakeholders to come together to engineer resurgence into growth.
“This gathering is a perfect opportunity for all to work together to make Nigeria’s oil and gas sector competitive and boost investor’s confidence,” he said.
He reassured the commitment of OPTS to ensure a viable and efficient oil and gas sector in the country.
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari congratulated the minister in organizing the conference.
He said that the sector was faced with challenges occasioned by COVID-19, especially as it concerned the cost of crude oil production.
He said that some of the challenges needed a legal framework to permanently resolve them, hence the need for the passage of the Petroleum Industry Bill (PIB).
“Cost is everything, there is need for us to reduce the cost of production, the best time is now and we are working with all stakeholders to make this work.
“Security is another problem and we are making effort to contain it but more is needed, we are happy that the Federal Government is making sure that the challenges are resolved, ” he said.
Kyari said that there was a need for stakeholders in the industry to work together, adding that companies should strive to move to energy companies.
“This crisis is an opportunity to do many things together differently to achieve greater results, ” he said.
The Speaker of the House of Representatives, Hon. Femi Gbajabiamila said Nigeria needed to join the effort in the global energy transition because of the infinite nature of oil.
He said that the National Assembly had a strategic role to play to ensure the growth of the oil and gas sector.
He said that it was unfortunate that PIB had suffered over the years but assured that the 9th assembly was working hard to give Nigeria the legal framework for the sector.
“For the PIB, we have never gotten it right but this time, we are determined to get it right. We have a self-imposed date but we have gone beyond that.
“We believe that anything worth doing is worth doing well and we must not sacrifice at the altar of time, there are diverse interests and we must put them together.
“What is important is the national interest and we will look at it well to strike a balance, ” he said.
Gbajabiamila urged participants to make useful contributions to help drive growth in the oil and gas sector. (NAN)
– June 07, 2021 @ 17:07 GMT
Tags: OPTS committed to move industry forward – Group
