The Group Managing Director of the Nigeria National Petroleum Corporation, NNPC, Engr. Austen Oniwon, has assured multinational oil companies and other stakeholders in the oil and gas industry that the on-going reform in the industry is not targeted at their businesses but it is aimed at improving the business of oil and gas exploration in the country.
Oniwon was speaking on Thursday at the Public Launch of the book, entitled, “The Political Economy of Oil and Gas in Africa: The Case of Nigeria”, written by Dr. Soala Ariweriokuma, a staff of the NNPC, in Abuja.
He noted that the industry in Nigeria was at a critical phase and that only urgent steps at reform would salvage the industry and position it to better contribute to the national economy.
According to him, “Fifty years of commercial discovery of oil and gas in Nigeria have seen us through a lot of challenges. With the concerted efforts of all stakeholders in the oil and gas industry we have, as an industry, been able to make remarkable progress given the ever changing dynamics of the business.
“I therefore like to reassure our joint venture partners and other players that the intention of government in the on-going industry reforms is not to discourage investment but rather to strengthen the industry within a clearly defined framework which will ensure the sustainability of existing businesses and investments and the attraction of new investments in the entire hydrocarbon value chain given the various targets that have been set.”
Specifically, he said, the reform when completed would open up the industry and enhance flow of investment as well as support from local and international financial commercial institutions.
Oniwon, who was just re-appointed for a fresh term as NNPC boss, further assured of the passage of the Petroleum Industry Bill, PIB, before the end of the current legislative term.
He said, “We in the Corporation are doing everything in our power to see that the PIB, which gives legality to the planned reforms in the Nigerian oil and gas industry, is passed within the life of this National Assembly.
“We will continue to positively engage all stakeholders as partners in resolving issues of concern or addressing areas requiring further clarifications as we implement the policy objectives of government for the petroleum sector.”
While speaking on the book, the NNPC chief explained that it is based on themes including regional oil and gas activities, evolution of the hydrocarbon industry, the upstream sector, gas monetization, privatization and liberalization in the industry, environmental pollution and investment opportunities.
Oniwon pointed out the interrelationship between politics and the economy of the oil and gas industry, noting that, “There is no way you can divorce politics from the business of oil and gas, especially in a country like Nigeria.”
“The book is also a compendium of information and statistical data that provides relevant insight into the workings of the industry,” Oniwon added.
He further noted, “Works of this nature are usually borne out of the need to either provide or educate the public on issues or developments the writer considers important for the better understanding of issues or developments.
“NNPC will continue to encourage its personnel to pursue intellectual excellence and engage their skills in ways that will significantly benefit the society.”
