Vice President Yemi Osinbajo has urged stakeholders in the oil industry to evolve cheaper means of producing oil while also ensuring a more competitive environment that meets the needs and purposes of the Nigerian nation including the largest production volumes possible.
Professor Osinbajo said this at a virtual meeting on the Petroleum Industry Bill (PIB), with stakeholders in the industry under the auspices of the Oil Producers Trade Section (OPTS), in Nigeria, and Independent Petroleum Producers Group (IPPG).
In a statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, the meeting held Tuesday afternoon as the consultations on the passage of the Petroleum Industry Bill (PIB) continue.
The Vice President noted that in line with the focus of the Buhari administration, there is a need for stakeholders in the sector to agree on terms to create a more competitive environment while maximizing opportunities in the oil and gas industry.
Speaking further on the benefits of harmonizing interests in the PIB, Professor Osinbajo observed that the passage of the PIB should be seen as an opportunity to transform the industry by addressing lingering issues that have impeded development across the different sectors that make up the industry.
The new PIB, which was presented to the National Assembly by President Muhammadu Buhari in September last year, has already passed the second reading in both the Senate and the House of Representatives.
The central aim of the bill is to foster sustainable development in Nigeria’s oil and gas industry.
Earlier in his remarks, the Minister of State for Petroleum Resources, Timipre Silva, said the interaction with the stakeholders in the petroleum industry is indicative of their commitment to the transformation of the industry through the PIB.
He assured that working with other stakeholders, including the National Assembly, the PIB as conceived by the Buhari administration would be passed into law.
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On his part, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said that most of the concerns raised by stakeholders have been addressed in the proposal before the National Assembly, noting that the Federal Government has moved from its previous position to one that is more competitive and attractive to investors.
