Wunti said the PIA will bring about certainty, competitiveness and cost optimization in the sector.
Per Second News recalls that PIB was signed into law by President Muhammadu Buhari on August 16 following its passage by the National Assembly after 10 years of legislative inertia.
The Act is targeted at reforming the oil and gas industry and also aimed at promoting transparency and attracting capital flows into the oil and gas industry.
He spoke as a Lead Presenter at the Society for Petroleum Engineers Lagos Section Annual Technical Symposium with the theme, “Operationalizing the Petroleum Industry Act – An Opportunity for Revolutionizing Nigeria’s Oil and Gas Industry.”
Giving an overview of the major issues impacting the oil and gas industry, Wunti said tremendous progress had been made in tackling the issue of security and cost.
“The implementation of the Nigeria Upstream Cost Optimization Program (NUCOP) and an industry wide tripartite security framework would address cost and security issues respectively thereby brightening the oil and gas outlook for the country,” he said.
This, he stated, would catalyze the growth of the industry in line with the aspirations of government for the sector as encapsulated in the PIA.
On the PIA implementation plan, Wunti said with the incorporation of NNPC Limited and the inauguration of the NNPC Ltd Board, all hands are on deck to implement other requirements of the PIA within the set timelines.
“The 3E’s – Energy Transition, Energy Investment and Energy Crisis are key game changers in revolutionizing the oil and gas industry.
“The recent energy crisis evidenced by the highest ever gas price is as a result of the global drive to achieve a net zero emission future buoyed by stringent Environmental, Social & Governance (ESG) requirements and activist investors.”
Wunti, however, urged stakeholders in the industry to adopt the 3C’s – Critical Thinking, Collaboration and Compliance — as they are key to maximizing the benefits of the PIA for all stakeholders – regulators, investors, operators, contractors, host communities and Nigeria.