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The Association of Senior Petroleum and Natural Gas Executives, PENGASSAN, called on lawmakers working on the Petroleum Industry Bill (GDP) to consider areas that would support the industry in the proposed bill. .
The body, while presenting its observations at Monday’s public hearing, called on the National Assembly to balance the interest of investors, workers and government to keep the industry strong.
President of PENGASSAN, Festus Osifo said this while insisting that GDP must address the three fundamental issues for a sustainable oil and gas industry.
He said: “We need to adopt a BIP that will meet three basic obligations: ensuring that more funds reach the government; ensure that employees in the oil and gas industry are protected and that this attracts investment to the country.
“You cannot pass a bill that will drive investors away. These are the people who will bring the fund to the industry. Thus, any bill that must be passed must be an investor-friendly bill. “
The boss of PENGASSAN reminded lawmakers that more African countries have joined oil and gas production while others are now discovering oil in commercial quantities.
“In the past it was Nigeria, Angola, Congo, Gabon and a few others, but today many countries are discovering oil on a daily basis and they offer a lot of incentives to make sure investors come. in their country.
“Nigeria as a country has an opportunity to pass a bill that will bring a lot of investment into the country; we cannot avoid the government making money. So it must be a balanced and inclusive bill.
Osifo argued that there would be complications and unhealthy competition if the BIP divided oil industry regulators in half against one who is in place, adding that as organized workers in the industry they were against proposal.
He said there was nothing wrong with a regulator who over the years has contributed to the growth of the oil and gas industry, warning that dividing the regulator in half would be to roll back past successes.
Senate Speaker Ahmad Lawan had said that the GDP currently before the National Assembly will ensure that Nigerians benefit optimally from the production of crude oil and the sale of fossil fuel reserves.
Lawan said the National Assembly, in its review of the bill, would ensure that the bill, once passed, ensures improved income for the country.
In his words, “Let me say this, we (the National Assembly) will pass this bill not without ensuring that it is a bill that meets certain conditions.
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