By Celestine Okafor (Editor-in-Chief) @CeleOkaf11
As this year's 6th Edition of the Sub-Saharan African Petroleum Exhibition and Conference (SAIPEC) came to a close on Thursday, February 24, 2022, foreign owned oil companies operating in Nigeria are pushing for the amendment of the provisions of the Petroleum Industry Act (PIA).
According to the International Oil Companies (IOCs), the amendments they are canvassing is to ensure clearer and better fiscal terms for deepwater gas investment. The IOCs said at the SAIPEC closing event at the Eko Hotels and Suites, Lagos on Thursday, that the gas marketing terms will attract more investors into the gas space if there is more clarity on the Petroleum Industry Act (PIA).
Speaking at the 3-day SAIPEC Confab hosted by the Petroleum Technology Association of Nigeria (PETAN), Shell Nigeria Exploration and Production Company (SNEPCO) Managing Director, Mrs. Elohor Alboni, posits that there is urgent to review for better fiscal terms issues in the PIA regarding the deep-water gas provisions.
She also stated that the review will not only ensure a better fiscal terms for gas investment but also allow investors to support the efforts of the government in achieving a low carbon economy and increasing gas production.
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Other stakeholder oil sector operators like Mr Victor Bamidele, a Deputy Managing Director of Total Energies Deepwater, raised the issue of need for incentives. He stated that Nigeria's current emphasis on gas as transition fuel however necessitates the urgent need for the sector and incentives.
Chairman, Petroleum Technology Association of Nigeria (PETAN), Mr Nicolas Odinuwe, who also spoke at the closing session, was of the view that SAIPEC is an International platform that offers immense opportunities for regional partnerships and collaboration among participants.
He re-emphasized that PETAN would not relent in it's appeal to governments, representatives, legislators and policymakers; captains of industry and other oil sector operators to integrate the resolutions of the SAIPEC conference into their plans, programmes and policies for a better operating environment.
According to Odinuwe, this will create the expected positive effects on the economies of the various SAIPEC member African nations. NNL.
