Okoroafor in an interview with the News Agency of Nigeria in Abuja, on Sunday said the bill was imperative to the reforms needed in the sector.
“ It is imperative for the executive to send the bill to the NASS because timely conclusion of the ongoing industry reforms guaranteeing legislative certainty and clarity on Petroleum issues is needed now.
“ This is holding down lots of FID’s and critical investment.
“ It is important to send a signal to the market that this government is serious about the oil reform agenda.
“ The uncertainty created by the lack of passage of the reforms have significantly affected investments in the Nigerian oil and gas sector.
“ Oil is being found everywhere around the globe, time is of essence now to pass this PIB. There is no better time than now,’’ he said
Okoroafor also the Managing Director of CB Geophysical Solutions Ltd, a seismic data acquisition, processing and interpretation company said that the PIB is panacea to economic growth in the country.
He further said that government should assent to and speedily sign the PIB Comprising the Petroleum industry Fiscal Bill (PIFB), PIAB Petroleum Industry Administration Bill(PIAB) and Petroleum Host and Impacted Communities Development Bill(PHICDB).
` Work with National assembly and critical stakeholders to actualise this because it is holding down lots of FID’s and critical investment.
“ The passage of and the assent by Mr President to the PIGB is important to send a signal to the market that this government is serious about the oil reform agenda.
“The uncertainty created by the lack of passage of the reforms has significantly affected investments in the Nigerian oil and gas sector,’’ he added.
He also called on the legislators to expediate the passage of the relevant bills associated with the section 16 of the petroleum act and incorporate feedbacks from the public hearing
“Our production is declining 10-15 per cent annually. To maintain two million barrels oil production per day, we need to be spending about 10 billion dollar capital expenditure annually.
“To grow to your target daily production of three million barrels per day, we need to be spending between 20 to 30 billion dollars capital expenditure yearly.
“This will guaranty activity level to achieve and maintain the desired level of daily production,’’ he said
Edited By: Sadiya Hamza (NAN)
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