VANGUARD
ABUJA-Ahead of the May 29 swearing-in of President-elect, Bola Tinubu, oil and gas companies operating in the country have tasked him with the need to end ongoing oil theft and pipeline vandalism that has suppressed production in the oil-rich Niger Delta region.
Speaking at the CEOs panel at the Nigeria International Energy Summit in Abuja, they said the constant attacks on pipelines have reduced oil and gas supply to just 60 per cent capacity in the past few years.
Oil production in the country has failed to meet the quota set by OPEC in the past two years, negatively impacting on the nation’s revenue and the operations of companies.
They said the new administration must ensure that investors such as gas suppliers to the power sector are paid for their investments in the sector.
They called for the full implementation of the Petroleum Industry Act 2021, pointing out that while there are gaps in some of its provisions, it remained a foundation for the growth of the sector.
The Managing Director, Nigeria NLG, Dr Phillip Mshelbila explained that due to challenges in the sector, the company operated at 60 per cent capacity utilisation, urging the in…
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