The Petroleum Industry Act, 2021 (PIA) mandates the incorporation of host communities’ development trust (the Trust) by companies known as settlors under the PIA.

I was witness to history on Friday last week. I’d been invited to attend what was called NNPC Cutover Ceremony at the corporate head office of the burgeoning National Energy Company in Abuja, Federal Capital Territory.

Three oil-producing communities in Delta State have called for rejection of Petroleum Industry Act (PIA), saying the implementation will plunge oil companies and their host communities into unnecessary crisis.

Many Nigerians with critical interest had hitherto believed that the advent of Nigeria’s Petroleum Industry Act (PIA) 2021, which was signed into law in the aforementioned years, and arguably the most audacious attempts to overhaul the petroleum sector in Nigeria, will solve the real and imagined challenges in the nation’s petroleum sector

Despite the dismal performance of the nation’s petroleum sector amidst crude oil theft, subsidy payment and rising insecurity that has worsened operations for players in the industry, the Federal Government yesterday in Abuja insisted that the performance of the oil and gas sector was above par in the past seven years of the President Muhammadu Buhari’s administration.

Subsidy payment, both in the oil, gas and electricity sectors; crude oil theft, vandalism, insecurity, contract-based market for power, incessant collapse of national electricity grid, divestment of assets, metering challenges, low investment in the oil and gas industry...

Stakeholders in the oil and gas sector have said that the industry in Nigeria in the last decade remains the worst.

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday, in Abuja, said successful implementation of the Petroleum Industry Act (PIA) remains sacrosanct in boosting the country’s oil earnings.

Stakeholders across the energy sector in Nigeria are calling for an urgent rejig that will make Nigeria’s $1.9 trillion energy transition plan a reality.

To say that Nigeria is being stolen is an understatement. It is a sordid situation. Shocking stories from the oil and gas sector continue to hit the news. Rather than being numbed by the monstrous pillaging

A little over a year after the passage of the Petroleum Industry Act (PIA), the sector has remained in crutches, yoking under the weight of gross inefficiencies that have plagued it for several years...

The Federal Government says the Petroleum Industry Act (PIA) 2021 clearly provides for a healthy and environmentally conscious workforce and a safe workplace for businesses to thrive in the oil and gas industry.