Reps minority caucus mulls amendment of Petroleum Industry Act

Posted by News Express | 22 August 2021 | 630 times

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•Floor of the House of Representatives

 

The minority leader, House of Representatives, Ndudi Elumelu, has said that the opposition lawmakers will explore the possibility of an amendment to the Petroleum Industry Act (PIA).

Elumelu, said this to guarantee best practices in the oil industry.

The minority leader, according to a statement by his Senior Legislative Aide (SLA), Tony Ayaegbunam, on Saturday, stated this at the end of the Offshore Technology Conference (OTC) 2021, in Houston, United States, at the weekend.

He noted that the caucus at the resumption of the House from its annual vacation will step up oversight on operational policies, capacity and technology in the oil and gas sector of the economy.

According to him, this is to ensure there is a higher productivity, greater transparency as well as, check wastes and manipulations in the industry.

Elumelu maintained that the minority caucus will “intensify its legislative roles to ensure greater accountability in the sector, particularly in the context of the recently enacted Petroleum Industry Law (PIL).

“The PIL presents robust legal instruments that can guarantee enhanced operations in the midstream and downstream sectors of the industry, if effectively implemented and monitored.

“The OTC, as a capacity building forum, afforded us the opportunity to meet and interact with professionals, industry leaders, policy makers and investment partners on global best practices for greater productivity and transparency in the energy sector.

“The Minority caucus will be leveraging on the gains of the conference to further deepen our efforts towards expanding the productivity in the sector with emphasis on opportunities in local refining as well as investments in by-product and associated markets so as to achieved our full capacity in the industry,” he said..

(The Sun)


Source: News Express

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