Gabriel Aduda, the permanent secretary of Nigeria’s Ministry of Petroleum Resources, has revealed plans to conduct a comprehensive review of the Petroleum Industry Act (PIA). This evaluation, scheduled after two years of the PIA’s implementation, aims to engage stakeholders in both the upstream and downstream sectors.
Aduda made this announcement during the ongoing Oil Trading and Logistics Africa Week 2023 in Lagos. Encouraging collaboration, he urged downstream sector operators to unite and invest jointly in refining petroleum products, addressing the country’s energy challenges. He emphasized that technological limitations should not hinder investment in refining.
The review will specifically scrutinize the strengths, weaknesses, and areas requiring attention within the act. Aduda stressed that an industry-wide gathering, slated before the second week of December 2023, will facilitate discussions on critical issues.
He highlighted the downstream sector’s pivotal role in the nation’s energy transition, underscoring the need for private sector participation, collaboration, and knowledge exchange to drive meaningful change.
Aduda pointed out the significance of leveraging available technology, suggesting the exploration of indigenous solutions to shape Nigeria’s energy future.
He also stressed the importance of supportive regulations from bodies such as the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) to foster investor confidence and ensure global competitiveness.
Aduda highlighted the critical need for investment in downstream infrastructure, a key concern raised during global investor engagements aimed at attracting investment to the Nigerian petroleum sector.