Mrs Diezani Alison-Madueke, the Minister of Petroleum Resources said last week the draft Petroleum Industry Bill (PIB) before the National Assembly would ensure professionalism in the oil and gas sector when passed.
The minister spoke in Abuja when a delegation from the U.S. led by Mr Michael Froman, the Deputy Assistant to the President of the U.S. and Deputy National Security Adviser for International Economic Affairs paid her a courtesy visit.
Mrs Diezani Alison-Madueke, the Minister of Petroleum Resources said last week the draft Petroleum Industry Bill (PIB) before the National Assembly would ensure professionalism in the oil and gas sector when passed.
The minister spoke in Abuja when a delegation from the U.S. led by Mr Michael Froman, the Deputy Assistant to the President of the U.S. and Deputy National Security Adviser for International Economic Affairs paid her a courtesy visit.
She said the new PIB was drafted with all stakeholders in the sector, including international oil companies contributing their quota toward making it robust.
She explained that the bill had made provisions for the creation of an Asset Management Company to take over the management of the joint ventures from the NNPC.
The minister said that the bill, when passed into law, would unbundle the NNPC and create a more competitive and profit driven national oil company.
She said that the new PIB would also ensure the development and adequate export of gas from Nigeria.
“It is expected that gas will be the next area of export for the country and it will take over from crude oil because Nigeria is actually a gas nation, considering the enormous gas reserves we have.
“There is a robust plan for the commercialisation of gas resources to serve as feed stock for industry and not just gas for power generation.
“In this connection, we have an arrangement with Nagarjuna of India and Xenel of Saudi Arabia to establish fertilisers and petrochemical plants and a central processing plant to make gas the fulcrum of industrial development,’’ she said.
The minister gave the assurance that the draft PIB that was transmitted to the National Assembly had features that made it different from other fake versions reportedly making the rounds, adding that the new bill was tamper proof.
Alison-Madueke, however, decried the high trend of oil theft, including foreign involvement as a menace.
She said that the Federal Government's establishment of a Special Task Force made up of senior military officers, had led to more arrests in the effort to quell the unwholesome practice.
She said that the president had directed the Attorney-General of the Federation to ensure diligent prosecution of all oil thieves arrested.
According to her, effort is being made to introduce a number of measures such as electronic bill of laden, DNA tracking and certification of Nigerian crude oil to make it less attractive for thieves.
Mr Andrew Yakubu, Group Managing Director of the NNPC, stressed the need to develop and make the gas reserves in the country commercially viable.
He said that efforts were being made to commercialise gas, saying that its infrastructure was being aggressively developed to get the product to consumers and align its supply with demand.
Earlier, Froman commended the minister for her efforts to transform the oil and gas industry.
He stressed the need for holistic PIB to fast track the development of the sector.
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