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How PIA’ll lead to oil industry growth



The  Group General Manager, National Petroleum Investment Management Services, Mr. Bala Wunti, has said that the implementation of the Petroleum Industry Bill will lead to a good shift in the oil and gas industry.

He disclosed this while speaking at the Lagos Section of the Society for Petroleum Engineers’ Annual Technical Symposium.

Wunti said the implementation of the PIA would bring about certainty, competitiveness and cost-optimisation in the oil and gas industry.

He said since the incorporation of NNPC Limited, work had begun with the implementing of other requirements of the PIA within the set timeframe.

He added that much progress had been made in combating the issue of security and cost in the industry.

Wunti said the implementation of the Nigeria Upstream Cost Optimization Programme and an industry’s tripartite security framework would tackle cost and security issues respectively, resulting in a more vivid oil and gas outlook for the country.

According to him, the Act outlines the roles and responsibilities of all stakeholders, saying it will translate into the growth of the industry in line with the aspirations of the government for the sector as contained in the PIA.

The PIB was signed into law by Major-General Muhammadu Buhari (retd.) on August 16 after the National Assembly passed it as a bill.

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