Oil firms demand amendment of PIA

International Oil Companies (IOCs) have called for the amendment of the Petroleum Industry Act (PIA) to provide clarity and better fiscal terms for deepwater gas investment.

The IOCs spoke during the sixth edition of the Sub-Saharan African Petroleum Exhibition and Conference (SAIPEC 2022), tagged ‘Fostering Collaboration to Create Cross-Border Partnerships across the Oil, Gas and Energy Spectrum’ at Eko Hotels and Suites, which ended yesterday.

Clarity on gas marketing terms will attract more investors into the gas space, they added.

Managing Director (MD), Shell Nigeria Exploration and Production Company (SNEPCO), Mrs. Elohor Alboni, said issues around deep-water gas provisions in the PIA needed to be reviewed for better fiscal terms.

Alboni explained that the review of the PIA would make for better fiscal terms for gas investment and would allow investors to support government efforts in achieving a low carbon economy and increasing gas production.

Deputy Managing Director (DMD), Total Energies Deepwater, Victor Bandele, noted that incentives were needed at the moment, given the country’s aggressive move towards gas, having chosen gas as Nigeria’s transition fuel.

On his part, the Chairman, Petroleum Technology Association of Nigeria (PETAN), Nicolas Odinuwe, said SAIPEC creates huge opportunities for regional collaboration and partnerships.

Odinuwe stated that PETAN would continue to appeal to all governments, representatives, policymakers, legislators, captains of industry and other industry stakeholders to incorporate the outcome of the SAIPEC conference into their plans, programmes and policies for a better operating environment that will have the desired positive effect on the respective economies of African nations.