Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
Favour Ajibade
The Independent Petroleum Producers Group (IPPG),has said that Nigeria will experience positive changes across its oil and gas value chain in 2023.
Its Chairman, Mr. Abdulrazaq Isa, gave this predictions during the Group’s 2022 Annual Dinner in Eko Hotel and Suites, Lagos.
He said that the tangible effects of the Petroleum Industry Act implementation, conclusion of this International Oil Companies IOC's divestment phase and the emerging dominance of the indigenous players across onshore and shallow water space; implementation of the decade of gas policy; and the expected deregulation of the downstream sector, will all jointly set the tone and direction for Nigeria’s oil and gas industry in the years to come.
According to him, the group has an important role to play going forward and as such are best placed to ensure the optimal development of Nigeria’s hydrocarbon resources as its members have demonstrated financial and technical capability to develop the country’s hydrocarbon resources, with proven appetite for supporting the Government’s energy security vision through building a broader value-adding midstream and downstream businesses.
He said: " “It is therefore imperative that our advocacy effort in 2023 should be focused on creating collective support and deliberate collaboration with the Government, Industry Regulators and Nigerian Financial institutions, working in concert, to optimise the numerous growth opportunities available across the industry”.
The group’ s priority, Isa said, as an industry, in the short to medium term, “is be to rapidly exploit our hydrocarbon assets for the socio-economic transformation of our country
He said IPPG will continue to work closely with the government to achieve all its aspirations for the industry which is primarily centred on energy availability, affordability and security for all Nigerians now and in the coming years”.
He assured that the group will continue to partner with relevant industry stakeholders towards the growth and development of the Nigerian oil and gas industry.
“The Nigerian oil and gas industry has evolved over the last two years with the enactment of the Petroleum Industry Act, large IOC divestment announcements, and Nigeria’s commitment to 2060 net-zero aspirations. This means that a holistic re-positioning of our industry has become necessary”, Isa said.
He commended the two industry regulators, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), for their diligent implementation of the Petroleum Industry Act (PIA) and their adopted approach of engaging all stakeholders in this regards.i
Also, the Group Chief Executive Officer of Guaranty Trust Holding Company PLC, Mr Segun Agbbaje, said the sector requires huge funding for growth in the years ahead.
In his presentation titled: "The Outlook for Financing the Energy Sector in Nigeria in the Light of the Energy Transition” said that proper finance is key to the industry's growth.
He also offered insights on how to ensure sustainable financing solutions for the development of the nation’s hydrocarbon resources are defined.
Since the establishment of IPPG in 2015, the Group has achieved remarkable growth and remained focused on working with stakeholders for the development of the oil and gas industry for the benefit of the country.
IPPG is a twenty-seven-member association of Nigerian indigenous upstream Exploration and Production companies that constructively engages government and other industry stakeholders on issues affecting the industry with a view to realising a sustainable petroleum industry and maximize its contribution to the socio-economic development of N
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