Our oil sector is witnessing a robust transformation today because of the leadership President Bola Ahmed Tinubu has injected into the system, especially with the full implementation of the Petroleum Industry Act (PIA), which has restored investor confidence and encouraged new investments across the value chain.

While speaking at the Public Hearing organized by the House of Representatives Committee on Petroleum Resources (Upstream) on the Bill to establish the National Commission for the Decommissioning of Oil and Gas Installations (NC-DOGI), 2024, I made it clear that the PIA continues to deliver on the very objectives for which it was enacted.

The sector is now recording new Final Investment Decisions (FIDs) and witnessing renewed activities in upstream, midstream, and downstream operations, developments that were stagnant for over a decade before the #RenewedHope administration of President Tinubu.

In my submission to the Honourable Members, I emphasized that the influx of investments we have attracted highlights the critical importance of a stable legal framework like the PIA, which has reinforced investor confidence.

However, I drew attention to Sections 232 and 233 of the Act, which already provide for decommissioning and vest this responsibility in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) @NUPRCofficial, in line with global best practices.

I therefore advised the House to step down the Bill, as it would duplicate existing responsibilities. A predictable and stable legal framework attracts investors; any deviation will send wrong signals to the global community, something we cannot afford at this crucial time.

Sen. Heineken Lokpobiri Ph.D.

#RenewedHope #senlokpobiri #SHL #EnergyForToday #EnergyForTomorrow #CrudeForAll #IncreasingOilProduction #NigeriaPetroleum #OilForProsperity