Petroleum Industry Critical To The Country's Monetary and Fiscal Policy, Says Lokpobiri

Representative of the Honourable Minister of State Petroleum Resources (Gas) and the Director of Upstream Department in the Ministry, Engr. Kamoru Busari FNSE delivering the keynote address at the 8th edition of the National Council on Hydrocarbons in Asaba, Delta State.

"The new Petroleum Industry Act (PIA) repeals about 10 Acts of the National Assembly relating the oil and gas industry and consolidates those laws into a single Act." Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil).

Nigeria's petroleum industry is critical to the country's monetary and fiscal policy environment with crude oil contributing about 90% of the Nation’s foreign exchange and up to 65% of the Government's revenue. 

This was the assertion of the Honourable Minister of State Petroleum Resources (Oil) Sen. Heineken Lokpobiri in his keynote address during the 8th edition of National Council on Hydrocarbons with the theme: The Petroleum Industry Act (PIA) 2021: The Journey so far", on Thursday 12 December in Asaba, Delta State.

The Minister, who was represented by the Director of Upstream Department in the Ministry, Engr. Kamoru Busari, stated that "the new Petroleum Industry Act (PIA) repeals about 10 Acts of the National Assembly relating the oil and gas industry and consolidates those laws into a single Act."

Lokpobiri informed his audience that "The National Council on Hydrocarbons (NCH), an annual event of the Ministry of Petroleum Resources, commenced in year 2016 and has been sustained till date.

"The Council was established to garner ideas that will enhance good policy formulation and implementation in the Oil and Gas (Energy) Sector". He said. 

Continuing, he disclosed that the PIA was passed into law in 2021 after a long journey of over two decades and has since become the new bride of the Sector. 

"Its proper implementation was meant to turn around not only the fortunes of the energy industry but the entire nation," he stated. 

"Reflecting on the gains made after two years of operation of the PIA, the scale of areas of changes would have been widespread and profound, as it was the root and branch of the administrative, regulatory and fiscal regime of the key Petroleum Institutions." He said. 

He acknowledged that, "overhauling the Act would cover gaps and give room for better implementation."

The Honourable Minister therefore urged the Council to be focused in their discussions and be objective in taking decisions on the memoranda that will be presented to them. 

"Remember, the decisions you take today will affect positively or otherwise the future of this industry", he said. 

Representative of the Executive Governor of Delta State and the Secretary to the State Government, Dr. Kingsley Emu making remarks at the eight edition of the National Council on Hydrocarbons.

In his remarks, the Executive Governor of Delta State, represented by the Secretary to the State Government, Dr. Kingsley Emu noted that the events of the last three days are testaments to our collective commitment to harnessing the vast potential of Nigeria's Hydrocarbon resources for the benefit of our great nation. 

The Governor reaffirmed that Delta State will remain committed to supporting the growth of Hydrocarbon Sector. 

"As the highest producer of Hydrocarbons, we recognise the pivotal role this industry plays in shaping our nation's economy, and are dedicated to creating an enabling environment for its continued prosperity". He stated. 

Director of Planning, Research and Statistics, MPR; and the Chairman of the organising committee, Abdulkadir Usman presenting the Communique of the National Council on Hydrocarbons.

He expressed his optimism that "Together, we can overcome the complexities of the hydrocarbon landscape and unlock its full potential for the benefit of our people".

The highpoint point of the Eighth meeting of the National Council on Hydrocarbons (NCH) was the presentation and adoption of the Communique.

The representative of the Honourable Minister of State Petroleum Resources (Oil) and the Director of Upstream Department in the Ministry, Engr. Kamoru Busari FNSE (9th left) flanked by the representative of the Executive Governor of Delta State, Dr. Kingsley Emu (10th left) and other participants in a group photograph at the eight edition of National Council on Hydrocarbons, in Asaba; Delta State.

This was contained in a statement issued and signed by Christopher Ugwuegbulam Assistant Director (Information and Public Relations) of the Ministry of Petroleum Resources, Abuja.