By Oke Peter
A leading independent oil and gas company in Nigeria, Neconde Energy Limited, says the passage of the much-awaited Petroleum Industry Bill (PIB) into law by the government will cause a paradigm shift that will lead to the development of the energy sector and the country.
While speaking at a webinar organised by Neconde Energy on Thursday with the theme, “Gas as a new frontier for Economic Growth’’, Head of Gas Ventures at Neconde, Engineer Chichi Emenike disclosed that the declaration of the Year 2020 as a gas year to spur attention to gas prospects, can be used to cause economic recovery post-COVID-19 pandemic, and become a reality if there are enforceable laws to regulate the way of doing things in the sector.
Emenike stressed further that the speedy passage of the PIB will encourage more investors in the oil and gas space to see Nigeria as a choice investment destination where their stakes will be protected.
According to her, “Nigeria can’t afford to continue to be seen as a place with flip-flop legislation in its oil and gas sector when smaller countries have since emplaced valuable statutes that have strengthened their oil and gas industry.”
She said aside from the willing-buyer-willing-seller approach that will drive the sector with appropriate gas pricing, the full liberalization of the sector should be considered by the government in order to attract the much-needed investments on key gas infrastructures across the country.
She also commended the Federal Government for inaugurating the Nigerian Gas Transportation Network Code (NGTCN), saying the initiative will liberalize the gas market and address infrastructure constraints in the sector.
On the country’s gas flare regulations commercialization programme, Emenike expressed optimism that the gesture would enable various gas-to-power projects which would make the country attain the global terminal date for gas flare by 2030.
Announcing Neconde Energy’s contribution to the country’s gas sector, she said it currently has 80million standard cubic feet of associated gas and intends to grow the same to 100million standard cubic feet in the nearest future.
Emenike said Neconde is collaborating with partners with a view to exploring other value chains in the country’s gas market, all in a bid to change the face of Nigeria’s oil and gas to cause economic recovery through massive contributions to the country’s Gross Domestic Product (GDP).