Neconde Energy Limited, a leading independent oil and gas company in Nigeria, says the passage of the much-awaited Petroleum Industry Bill (PIB) into law by the government will cause a paradigm shift that will lead to the development of the energy sector and the country.
Chichi Emenike, Head of Gas Ventures at Neconde said the declaration of 2020 as a gas year to spur attention to gas prospects, can be used to cause economic recovery post-COVID-19 pandemic, and become a reality if there are enforceable laws to regulate the way of doing things in the sector.
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Speaking at a webinar on ‘’Gas as a new frontier for Economic Growth’’, Emenike said the speedy passage of the PIB will encourage more investors in the oil and gas space to see Nigeria as a choice investment destination where their stakes will be protected.
According to her, Nigeria can’t afford to continue to be seen as a place with flip-flop legislations in its oil and gas sector when smaller countries have since emplaced valuable statutes that have strengthened their oil and gas industry.
She said aside from the willing buyer willing seller approach that will drive the sector with appropriate gas pricing, the full liberalization of the sector should be considered by the government in order to attract the much-needed investments on key gas infrastructures across the country.
She commended the federal government for inaugurating the Nigerian Gas Transportation Network Code (NGTCN), saying the initiative will liberalize the gas market and address infrastructure constraints in the sector.
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On the country’s gas flare regulations commercialization programme, Emenike expressed optimism that the gesture would enable various gas-to-power projects which would make the country attain the global terminal date for gas flare by 2030.
She spoke on her company’s contribution to the country’s gas sector, saying it currently has 80million standard cubic feet of associated gas and intends to grow the same to 100million standard cubic feet in the nearest future.
Emenike said Neconde is collaborating with partners with a view to exploring other value chain in the country’s gas market, all in a bid to change the face of Nigeria’s oil and gas to cause economic recovery through massive contributions to the country’s Gross Domestic Product (GDP).
