Concerned stakeholders in the oil and gas
industry have urged President Muhammadu Buhari to withdraw the current version
of the Petroleum Industry Bill (PIB) for necessary review.
The stakeholders, who gathered at the yearly
general meeting and luncheon of the Petroleum Club, in Lagos, enjoined the
Federal Government to discontinue the process of the passing the bill, which
was considered highly-doctored by some interested parties.
The Former Special Adviser to the President on
Petroleum Matters, Emmanuel Egbogah, who was the special guest at the luncheon,
said the PIB was drafted to solve the funding issues in the sector; upstream
and downstream challenges and repeal the obsolete Acts in the industry.
He however expressed concerns that the present
bill before the House of Assembly might solve some of the problems, but would
also create more problems for the country due to some omissions and
discretionary provisions in the bill.
According to Egbogah, the omission of royalty and
the discretionary power given to the minister and the president in the bill
could cause investment setback in the country.
“These will only support what we have seen in the
past where the president allocates oil blocks to his allies,” he said.
Egbogah, who is the Chairman, Emerald Energy
Resources, said the bill should therefore be withdrawn from the House of
Assembly and reviewed in other to ensure that the objectives of the regulation
is achieved.
He said with the proper review of the bill, it
would promote transparency through the removal of confidentiality, “which I
know had promoted corruption in the past.”
Egbogah, who was among the team which drafted the
original version of the PIB, said if the bill had been passed over the years,
gas flaring would have become a thing of the past as the bill was supposed to
have barred such act since December 2012.
He however lamented that that the licensing
rounds have been put on hold for over five years due to the controversies
surrounding the passage of the PIB.
The Emerald boss was optimistic that the original
version of the PIB would drive more investment into the country and buoy the
national economy.
Other speakers at the forum believed that the PIB
is dead and might not be resurrected, until some patriotic forces rise up to
revive the integrity of the bill and ensure that the provisions gave credence
to critical areas of the sector.
They however urged President Buhari to be careful
in selecting the leadership of oil and gas institutions, particularly the
minister of petroleum, so as not to chose a wrong person.
The Chairman, Petroleum Club, Otunba Funsho
Lawal, said the group has continued to monitor the trend in the industry and
would continue to contribute its quota to ensure that Nigeria’s petroleum
industry is on the right track of growth.
He said the club has made some recommendations to
Mr President on the industry and would pursue the PIB review agenda headlong.
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