Stakeholders seek speedy passage of proposed regulations for gas development
Stakeholders in Nigeria’s gas sector have advocated the speedy passage of the proposed 2019 Gas Resolutions to make the sector more effective.
The industry players, who spoke at the ‘Stakeholder’s Engagement for the Review of the Mandate and Structure of the Gas Aggregation Company of Nigeria (GACN): Phase II,” in Abuja stressed the need to harness the nation’s huge gas resources.
Speaking at the event, Chief of Staff to the Minister of State, Petroleum Resources, Moses Olamide, said that government would prescribe what will become of the Gas Aggregation Company of Nigeria (GACN) in the Petroleum Industry Bill (PIB) and that an Executive Order to that effect will soon be out.
He said the separation between policy, operations, and regulation in the management of Nigeria’s gas was necessary to effectively deliver the mandate of the GACN.
The keynote speaker at the event, Dr. Tim Okon stated that 12 years after the ‘2008 Pricing Regulations’, which spelled out the Powers of the GACN, ‘Aggregation’ which is at the heart of the mandate of GACN should commence.
Okon added that the intention to review the mandate of GACN was to ensure transparency in the industry.
In order to ensure the efficiency of GACN, Okon recommended that the organisation must be independent; its funding must not be subjected to manipulation or undue inference, and must not act impartially while its transactions should be done in a seamless manner.
Managing Director of GACN, Lekan Ogunleye said that GACN is one of the most important tools to drive and achieve the economic agenda of the government and the gas sector.