The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has pitched the funding alternatives and the transformative impacts of the Petroleum Trade Act (PIA) as key decision-makers gathered within the US.
Addressing delegates on the 2024 Society of Petroleum Engineers (SPE) Worldwide Annual Technical Convention and Exhibition, held on the New Orleans, Louisiana, NMDPRA, in a presentation stated the implementation of PIA is a recreation changer.
The paper, authored and introduced by Okechukwu Nwankwo and Aminu Ringim, who’re key employees of the regulator highlighted the PIA’s potential to drive financial prosperity and sustainable growth in Nigeria.
Govt Director of Well being, Security, Setting, and Neighborhood (HSEC) on the NMDPRA, Dr. Mustapha Lamorde, led the session and emphasised how the PIA addresses long-standing challenges in Nigeria’s oil and gasoline sector, equivalent to power safety, infrastructure decay, and tensions with host communities.
Lamorde mentioned the PIA’s governance construction, fiscal transparency, and regulatory philosophy, aimed toward fostering a extra environment friendly and accountable business.
The PIA 2021 supplies a complete framework to resolve operational challenges that stem from the outdated Petroleum Act of 1969.
It introduces key targets equivalent to recognizing distinct streams of upstream, midstream and downstream as viable financial entities, setting clear regulatory frameworks, and bettering governance. It additionally emphasizes transparency in authorities accounting and the implementation of value-adding initiatives, equivalent to acreage delineation, discipline growth plans, third celebration, open entry and community code.
The paper additional outlined the strategic steps crucial to totally implement the PIA, stressing the significance of a progress mindset inside the business.
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Lamorde urged business stakeholders to undertake progressive approaches that align with the Act’s targets.
Representatives from main worldwide oil firms (IOCs), together with Chevron and Shell Petroleum Improvement Firm (SPDC), had been current on the occasion.
They counseled the NMDPRA for offering readability to buyers and selling enterprise alternatives in Nigeria’s oil and gasoline sector.
Nevertheless, they emphasised the necessity for improved collaboration between the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) and the NMDPRA to make sure the PIA’s success and forestall duplication of regulatory necessities.
The profitable implementation of the PIA is predicted to place Nigeria as a number one participant within the world oil and gasoline business, guaranteeing long-term financial progress and sustainable growth.
Whereas stressing the essential position of regulatory our bodies just like the NMDPRA in shaping the way forward for Nigeria’s oil and gasoline sector, the presentation famous the efforts of the NMDPRA’s Chief Govt, Farouk Ahmed, whose management they famous has been instrumental in creating an setting conducive to funding in Nigeria’s midstream and downstream sectors.
Beneath Ahmed, the presenters famous that NMDPRA has efficiently carried out key initiatives that promote power safety, appeal to investments, and encourage stakeholder engagement to strengthen Nigeria’s potential for progress within the world oil and gasoline market.
