The Group General Manager, National Petroleum Investment Management Services, an arm of the NNPC, Mr. Bala Wunti, has said that the implementation of the Petroleum Industry Act will revolutionise the nation’s oil and gas industry.
He stated this on Tuesday while presenting a paper at the Society for Petroleum Engineers Lagos Section Annual Technical Symposium held in Lagos.
Wunti spoke as lead presenter on the theme, “Operationalising the Petroleum Industry Act – An Opportunity for Revolutionising Nigeria’s Oil and Gas Industry.”
The PIA which was signed into law by President Muhammadu Buhari on August 16, 2021 after it was passed by the National Assembly is targeted at reforming the oil and gas industry in Nigeria.
The Act is also aimed at promoting transparency and attracting capital flows into the oil and gas industry. The NAPIMS boss said the operationalisation of the PIA would bring about certainty, competitiveness and cost optimisation in Nigeria’s oil and gas industry.