Buhari Urges Operators In The Petroleum Industry, To Make Use Of PIA To Deepen Investments

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Operators in the petroleum industry has been advised by the President Muhammadu Buhari, on Wednesday to take advantage of the new Petroleum Industry Act (PIA) to promote their investments in the oil and gas sector.

According to a statement by Special Adviser to the President on Media and Publicity, Femi Adesina, Buhari said this at an audience with a team from Exxon Mobil Corporation led by Liam Mallon, its President on Upstream Oil and Gas.

According to the President: “I will expect the Exxon Mobil companies in Nigeria to avail themselves of the opportunities created by the PIA and invest in further development of the Nigerian assets in line with our national interest.

“It is our expectation that your company will also support our desire to deepen gas utilization and monetization aimed at reducing our carbon footprint and facilitating economic growth and development of our country.”

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Buhari also enjoined the Exxon Mobil chief to collaborate on a bigger scale with the NNPC to realize the full potentials of the abundant gas resources in Nigeria.

“We look forward to Exxon Mobil engaging in deeper collaboration and partnership with the new NNPC and other Nigerian institutions to ensure optimum exploitation of the abundant oil and gas resources in Nigeria while also aligning the processes with the global drive towards carbon neutrality,” said the President.

He commended his guests for their commitment to continue to be a bigger player in the downstream sector of the petroleum industry: “We thank you very much for the reassuring words on your continued presence in Nigeria with the promise of expanding your investments in the Deep-water.

“This will no doubt be further facilitated by the provisions of the PIA which is designed to provide a competitive fiscal framework and a world class regulatory framework that is at par with our global peers.”

Mallon had told the President that Exxon Mobil, which has operated in Nigeria for over 60 years, remained as committed and strong as ever, though it was divesting from the Joint Venture (shallow water) with NNPC, assuring that whoever emerges buyer “must be a capable operator. We won’t compromise on that at all.”

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