The Federal Ministry of Petroleum Resources and stakeholders in the oil and gas sector are fretted over execution of the 2021 Petroleum Industry Act (PIA) for efficiency, transparency, and enhancement of economic sustainable growth. Nicholas Ella, Permanent Secretary of the Ministry of Petroleum Resources, alongside other stakeholders, made the call at a one-day stakeholders’ engagement on “Harnessing the Petroleum Industry Act (PIA) as a Catalyst for Investment in Nigeria’s Oil and Gas Sector” in Abuja. Ella, represented by Mohammed Abubakar said, Nigeria is ready to lead Africa in energy investments, attract global capital, and maintain its pivotal role in the international energy arena.
Ahmed Galadima, Executive Secretary of the Petroleum Technology Development Fund (PTDF), said that they had engaged in human capacity development, research and development for technological innovations, and institutional development to support energy transition and gas development initiatives.
“We will ensure that Nigeria benefits fully from its hydrocarbon wealth and the government’s efforts in energy transition, with commitment to aligning strategies with the key drivers of the PIA to enhance local participation.”
Added that PTDF have a comprehensive roadmap that focused on expanding partnerships with international research and academic institutions, oil companies (IOCs), and multilateral organizations.
This will support skills transfer, enhance capacity building, and integrate cutting-edge technology into Nigerian operations, enhancing the oil and gas value chain.
Mohammed Shehu, Chairman of VG Energy, said “Unlocking Nigeria’s Oil and Gas Potential through the PIA and Leveraging Technology to Combat Oil Theft and Boost Government Revenue,” said technology was revolutionizing systems.
Shehu stated that the government could deploy pipeline surveillance and monitoring systems, block chain technology for supply chain management, the Internet of Things, and artificial intelligence to boost activities in the oil and gas sector.
