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 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.
“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.
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