PIB will attract investments when passed into law – Membere

petroleum-industry-billGroup Executive Director of the Nigerian National Petroleum Corporation, (NNPC), Abiye Membere, has said that the Petroleum Industry Bill (PIB) would attract investments if passed.

Membere who stated this at the 2013 National Association of Energy Correspondents (NAEC) Conference held in Lagos said PIB would create a strong and independent regulator to develop and enforce all the rules in the oil and gas sector when it becomes a law.

He added that the smooth sail of PIB would also create a commercial-oriented national oil company that would compete effectively with its peers.

“PIB will sustain the gains of Nigerian content development; promote local manufacture and entrepreneurial development and in-country capacity and capability’’, Membere said.

According to him, the PIB will also liberalise and deregulate the midstream and downstream sub-sectors of the oil and gas industry.

Ernest Nwapa, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), said local content had increased the number of indigenous operators in the country.

Nwapa said that the board had launched Expatriate Biometric Data Capture Scheme to monitor the number of expatriates in the oil and gas sector.

He held that the identification cards given to expatriates were to make sure that they did not use more than the time stipulated.

Tony Chukwueke, the Director, Transcorp Energy Ltd., who was the Chairman of the conference, said the nation must move forward just as the oil and gas sector is moving.

Chukwueke said that if the country carried on with the present transformation witnessed in the power sector, the country would defi nitely move forward.

He said that if the PIB had been implemented before now, the country would have moved forward more positively.

 

Information from National Mirror was used in this report.

 

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