Indigenous Oil Producers Seek Review Of PIA

The Independent Petroleum Producers Group (IPPG), has called for review of critical aspects of the Petroleum Industry Act (PIA) to strengthen the regulatory framework and competitiveness of the fiscal regime.
The amendment, the group believes will enhance security across the Niger Delta and expedite the conclusion of ongoing International Oil companies’ (IOCs) divestments as well as sustain the implementation of the “Decade of

Gas” policy and holistically addressing inherent inefficiencies within the industry.
The IPPG further said that the group’s immediate concern as a matter of urgent industry priority is the creation of a conducive and enabling business environment to enhance the competitiveness of the industry.

Speaking at the 2023 Annual Dinner held in Lagos, chairman of IPPG, Abdulrazaq Isa, said that attracting the level of investment required to fully optimise the country’s production base will require focus on some key priorities in the short to medium term.

“The key priority areas include amending critical aspects of the Petroleum Industry Act (PIA) to strengthen the regulatory framework and competitiveness of the fiscal regime; enhancing security across the Niger Delta; expediting the conclusion of ongoing International Oil companies’ (IOCs) divestments; sustaining the implementation of the “Decade of Gas” policy and holistically addressing inherent inefficiencies within our industry which has driven costs to astronomical levels”, Isa said.

Despite the challenges, the IPPG chairman is optimistic about the industry’s future. He emphasised the non-negotiable goal of achieving production targets by the turn of the decade and called for collaboration with the government and other stakeholders to optimise growth opportunities, emphasising the importance of sustained advocacy efforts in 2024.

SOURCE: LEADERSHIP

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