NNPC urges NASS to pass PIB to stabilise industry

The Nigerian National Petroleum Corporation (NNPC) has urged the National Assembly to pass the Petroleum Industry Bill (PIB), to stabilise the industry.

The NNPC said this in a statement in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, on Monday.

Part of the bill seeks to promote Nigerian content by making use of locally produced goods and services; foster community development by encouraging and ensuring peace in oil-producing areas and honour international environmental obligations by promoting energy efficiency.

According to the statement, passage of the bill will dispel the air of uncertainty around the industry, create an enabling environment for the industry to flourish and dissuade the International Oil Companies (IOCs) from exiting the country.

It reported the Group Managing Director of the NNPC, Dr Maikanti Baru, as saying that the delay in passing the bill into law had led to uncertainty in fiscal terms.

Dr Baru noted that the review of the Nigeria Liquefied Natural Gas Limited (NLNG) Act by the National Assembly is causing a challenge for the Federal Government and the IOCs.

He said it was sending wrong signals to the international community about how business was being done in the country.

“The NLNG market is growing at a tremendous rate. Between now and 2030, it is projected that the market would grow by 65 per cent," he added.

He said the market for LNG was there and that the Federal Government would do everything to take advantage of the opportunity.

The statement disclosed that there were plans by the Federal Government to ensure the take-off of Bonny NLNG Train seven, the Brass LNG and the Olokola LNG soon if the fundamentals were strong.

It said the NNPC was refocusing on the Brass LNG and rebuilding the confidence of investors on the project after the exit of Conocophillips, an IOC, a few years ago.

Dr Baru disclosed that a lot of focus was on the Brass LNG to rebuilding the confidence of the IOCs in the project.

He said it had a lot to do for Nigerians as it would create employment opportunities and create more revenue opportunities for the Federal Government.

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“We will continue to put the right enablers in place for the project to go on,” the statement said.

The NNPC described the Bonny NLNG as one of the biggest success stories of the Nigerian oil and gas industry since it came on stream in 1995.

It said the project had generated $90 billion revenue; $30 billion dividends and contributed 4 per cent to the country’s Gross Domestic Product since inception.