Minister of State for Petroleum Resources, Chief Timipre Sylva says the passage of the Petroleum Industry Bill (PIB) will unlock several opportunities including midstream gas opportunities and enhance domestic gas utilisation.
The Minister stated this on Wednesday while speaking at the on-going 12th Nigerian Gas Association (NGA) International Conference 2021 with the theme “Powering Forward: Enabling Nigeria’s Industrialisation via Gas” holding in Lagos,
According to Sylva, the Federal Government was ready to collaborate with all stakeholders to initiate national activities that would make Nigeria actualise its declaration of 2021-2030 as the “Decade of Gas Development’’.
The Minister, speaking through his Technical Adviser on Gas Business and Policy Implementation, Mr. Justice Derefaka, said the country’s over 200TCF proven reserves of natural gas must be utilised for economic growth and development, adding that efforts will continue to focus on gas to transmute Nigeria from the conventional dependence on white products to a cleaner, more available, accessible, acceptable and affordable energy use in gas.
According to the News Agency of Nigeria (NAN), Sylva said the PIB, which is awaiting the National Assembly’s passage, is based on “core principles of clarity, dynamism, neutrality, open access and fiscal rules of general application”, adding that the Bill will take millions of Nigerians out of poverty by creating jobs and opening up several other opportunities.
Sylva said the development of the country’s vast gas resources as well as the strengthening of the gas value chain are some of the priorities of his ministry.
The NAN reported Sylva to have itemised “the construction of the 614 kilometres Ajaokuta-Kaduna-Kano (AKK) pipelines; inauguration of the National Gas Expansion Programme and the commencement of the Nigeria Gas Flare Commercialisation Programme” as some of the achievements of the Buhari-led administration.