The Petroleum Industry Act (PIA) is transforming the oil and gas industry, President, Nigeria Gas Association (NGA), Ed Ubong has said.
He spoke at the fifth Nigeria International Energy Summit (NIES 2022) held in Abuja, with the theme: “Revitalising the Industry: Future Fuels and Energy Transition”.
For him, PIA remains the biggest achievement of the present government from the perspective of the NGA.
He said the NGA is committed to President Buhari’s gas agenda which dedicates the decade to industrializing Nigeria with gas, a policy plan that the PIA, signed into law in August 2021 will play a major role in driving.
“The PIA is the one stop regulation for investors and takes a lot of uncertainty out of the space. it is very important because investors always ask us for the framework that allows them to work in Nigeria” Ubong said.
He explained that the NGA is focussed on seven thematic areas in its bid to drive gas development in the country.
” The most important area is that gas must provide power and electricity for Nigerians (Gas for Power). We are also keen to see that gas is used for cooking (Gas for homes).Gas must drive Nigeria’s industrialisation. And Nigeria must play in the international markets with regards gas” he said.
Despite the significant efforts recorded in Gas to power, he said GenCos and DisCos must do more as end pricing for power and electricity has increased.
He explained that there’s still multiple taxation across the LPG value chain that makes it hard for the prices of cooking gas to reduce.
Ubong said building of proper pipelines will ensure gas is utilised in the country.
“We must also support virtual operators and move gas without pipelines where it is needed while we are building those pipelines,” he stated.