NNPC Says Petroleum Legislation Will Give Focus to Oil and Gas Industry

In a bid to accelerate Foreign Direct Investment (FID), the Nigerian National Petroleum Corporation (NNPC) has expressed the determination of the Federal Government to work with the National Assembly and all other stakeholders to pass the long awaited petroleum legislation considered to be capable of providing a win-win scenario for all players in the Oil and Gas Industry.

Group Managing Director of the NNPC, Mallam Mele Kyari, made this commitment while making a presentation at the 25th anniversary edition of the Nigerian Economic Summit Group (NESG) with the theme: ‘Rethinking the Future of Extractives’ in Abuja on Tuesday.

“Getting the petroleum legislation passed is the right thing to do because investors will not invest their money if they are not sure of how they are going to get their investment back and what benefits can they get from their investment and how stable the investment climate is. We must resolve the petroleum legislation and am aware that this administration is working assiduously to get the law passed within the shortest frame of time,” Mallam Kyari assured.

He stated that the petroleum law, when passed, would create a robust fiscal regime that would make the Oil and Gas Industry competitive, even as he expressed optimism that International Oil Companies (IOCs) in the country would be spurred to invest more in the petroleum sector after the passage of the bill.Mallam Kyari assured that before the petroleum legislation is passed, a lot of fora would be organized to harvest inputs from relevant stakeholders, saying that the proposed law would be aligned to best practices and it would be a win-win for all.

He added that the Oil and Gas Industry was the enabler of the economy and revenues from the Industry largely fund the nation’s budget, saying that the NNPC was committed to the expansion of the oil and gas infrastructure corridors to increase the revenue streams available to the government.

Source / More : Nigerian National Petroleum Corporation (NNPC)


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