PIA Will Drive Energy Growth In Nigeria Says Sylva At Global Energy Forum –

Minister of State Petroleum Chief Timipre Sylva has stated that the Petroleum Industry Act (PIA) will promote energy growth and sustainability in Nigeria.

As a participant in a ministerial round table at the World Petroleum Congress (WPC) in Houston, Texas, Sylva said Wednesday that the passage of the bill has sparked new interest in the Nigerian oil and gas business community.

According to Sylva, “The Petroleum Industry Bill (PIB) has come into effect (now PIA 2021). This strengthens the legal, regulatory, tax and governance framework of the petroleum sector. PIA has enhanced the reputation of the Nigerian petroleum industry, paved the way for new investment and cemented our ability to play a significant role in meeting the world’s growing energy needs. “

He noted that “PIA will help increase oil and gas production to provide clean and efficient energy; will provide global markets with a broad portfolio of energy options and support global efforts to alleviate energy poverty in line with United Nations Sustainable Development Goal 7 ”.

The Minister continued: “PIA proposes a tax system that encourages investment to monetize existing reserves in the short to medium term and provides generous incentives for the development, distribution, penetration and use of gas”.

He cited the Decade of Gas Declaration, the Ajaokuta-Kaduna-Kano (AKK) Pipeline, the Nigeria / Morocco Pipeline, the Transsahara Pipeline and the Nigerian Gas Transportation Network Code as further trailblazers and initiatives that “make the fully support “. Potential of the gas sector.

Sylva noted that while Nigeria is committed to net-zero, “it will still need fossil fuels, particularly gas, as a base load energy source to combat energy poverty and electricity supply. We have declared gas as our transition fuel, our path to net zero carbon emissions. Given the usable oil and gas reserves, this offers investment opportunities. “

Regarding the funding of hydrocarbon projects in Africa, following massive divestments of oil and gas projects in the continent, the minister said there was an urgent need for African leaders to unite to create an energy bank that will serve as a platform to support future investments in will serve this sector.

As a result, he told the global audience that the Nigerian government would advocate the creation of an African energy bank, adding that “The discussion has already started with Afrexim Bank to set up an energy bank that will fund fossil fuel projects. This is required by the attitude of the international financial ecosystem to the financing of fossil fuel projects. “

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