Neconde Energy Limited has expressed optimism that the passage of the much-awaited Petroleum Industry Bill (PIB) into law will result to paradigm shift in the energy sector.
The Head of Gas Ventures, Neconde, Chichi Emenike, said the declaration of 2020 as a gas year to spur attention to gas prospects, could be used to cause economic recovery post-COVID-19 pandemic, “and become a reality if there are enforceable laws to regulate the way of doing things in the sector.”
Speaking at a webinar recently, Emenike said: “Gas as a new frontier for Economic Growth. The speedy passage of the PIB will encourage more investors in the oil and gas space to see Nigeria as a choice investment destination where their stakes will be protected.”
According to her, Nigeria cannot afford to continue to be seen as a place with flip-flop legislations in its oil and gas sector, when smaller countries had embraced valuable statutes that have strengthened their oil and gas industry.
She further noted that aside from the willing buyer-willing seller approach that would drive the sector with appropriate gas pricing, “the full liberalisation of the sector should be considered by the government in order to attract the much-needed investments on key gas infrastructures across the country.”
She commended the federal government for inaugurating the Nigerian Gas Transportation Network Code (NGTCN), stating the initiative would liberalize the gas market and address infrastructure constraints in the sector.
Emenike added: “On the country’s gas flare regulations commercialisation programme, the gesture would enable various gas-to-power projects which would make the country attain the global terminal date for gas flare by 2030.
“In terms of our company’s contribution to the country’s gas sector, it currently has 80 million standard cubic feet of associated gas and intends to grow the same to 100 million standard cubic feet in the nearest future.
“We are collaborating with partners with a view to exploring other value chain in the country’s gas market, all in a bid to change the face of Nigeria’s oil and gas to cause economic recovery through massive contributions to the country’s Gross Domestic Product (GDP).”
Source: This Day