Saturday, July 13, 2024

Regulatory, Fiscal Incentives in PIA will be Seamless

Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has assured that the regulatory and fiscal incentives produced by the Petroleum Industry Act (PIA) would be seamlessly delivered to boost investments in the gas industry.

Ekpo also pledged improved gas supply for industrial, power, transportation and domestic uses and the Nigeria Liquefied Natural Gas (NLNG) plant in Bonny, Rivers State.

In a statement, the Spokesman for the Minister of State Petroleum Resources (Gas), Louis Ibah, said Ekpo, spoke at the Third Biennial International Conference on Hydrocarbon Science and Technology (ICHST) 2023 in Abuja, Monday.

The Nigerian LNG plant operate below its installed capacity due to gas supply issues, adding that the local gas market has been grossly under-tapped due to infrastructural and pricing issues, says the spokesman.

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He listed some of the factors stifling effective gas utilisation for exports and local consumption to include inadequate infrastructure, sabotage of crude oil and gas pipelines, unclear regulatory environment and inability to optimise value from the country’s abundant gas reserves.

“The ministry has identified these challenges and is working assiduously with the Ministry of Petroleum Resources (Oil) to ensure the security of supply to the NLNG plants and increasing gas penetration and utilisation by local users for power, transportation, industrial and domestic purposes,” Ekpo said.

He further explained that the Ministry of Petroleum Resources (Gas) is also working with relevant regulatory agencies like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Content Development and Monitoring Board (NCDMB) to ensure that the robust regulatory and fiscal incentives produced by the Petroleum Industry Act (PIA) are seamlessly delivered.

Ekpo urged experts and stakeholders in the industry to focus on tackling the issues of energy transition, sustainability and security to guarantee that Nigeria maximises the value of its abundant gas resources while ensuring access to affordable, sustainable energy for all citizens.

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