At NAICE, FG assures of enabling policies to unlock oil, gas potentials
By Abimbola Abdullah
More opportunities await prospective investors in the nation’s oil and gas industry, as the Federal Government assured of robust enabling policies that would unlock the huge potentials in the sector.
The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, and his counterpart, Minister of State for Petroleum Resources, Gas, Ekperikpe Ekpo, who spoke at the 47th Nigeria Annual International Conference and Exhibition (NAICE) 2024, held in Lagos yesterday, said the government is on the right path to attracting investments into the nation’s energy industry.
Lokpobiri said optimization of midstream and downstream sectors are not just an option but a necessity for enhancing efficiency, ensuring sustainability, and maintaining the nation’s competitive edge in the global market.
The minister, who was represented at the event by the Permanent Secretary, Ministry of Petroleum Resources, Nicholas Ella, said: “Our nation’s petroleum industry has long been a cornerstone of our economy, contributing significantly to national revenue, job creation, and industrial growth.
“However, the evolving energy landscape presents new challenges and opportunities that require a comprehensive and integrated approach.
“Technological advancements, regulatory frameworks, and strategic partnerships are key enablers in driving the transformation of our midstream and downstream sectors.
“At this juncture, it is imperative that we leverage these advancements to enhance the profitability and environmental performance of our industry.
“By doing so, we can ensure that our petroleum resources are utilized most efficiently and sustainably,” he said.
He stressed that the Federal Government is committed to creating an enabling environment for investment and innovation in the midstream and downstream sectors.
“We are actively working on policies and initiatives to attract local and international investments, foster technological innovation, and ensure regulatory compliance.
“One of our key focus areas is the development of infrastructure to support the efficient transportation, processing, and distribution of petroleum products.
“This includes the expansion and modernization of pipelines, storage facilities, and refining capacity to meet both domestic and international demand.
“We are also prioritizing the adoption of digital technologies and data analytics to improve operational efficiency and decision-making processes in the industry,” he said
Speaking in the same vein, the Minister of State for Petroleum Resources, Gas, Ekperikpe Ekpo, said the petroleum sector holds immense resources to transform the economy and generate more employments.
He said the government is determined to increase domestic utilisation of gas, hence it has started to implement its plans to distribute 250,000 cylinders a year for the next three years.
“We are also absolutely working to reduce the cost of Liquefied Petroleum Gas (LPG) cylinders in the country by supporting the establishment of in-country composite cylinders manufacturing to create additional markets,” he said.
He however said the presidential executive order would streamline the regulatory process, reduce bureaucratic bottlenecks and provide fiscal incentives that make investments in gas projects more viable.
“We anticipate that these majors will spur an increase in investment, leading to enhanced gas production, job creation, and economic growth,” he said.
