PIB passage to expand economic growth, improve revenue flow ― Kyari

The Group Managing Director (GMD), Nigeria National Petroleum Corporation (NNPC) on Tuesday, said passage of the Petroleum Industry Bill (PIB) will expand economic growth via improved revenue flows from the oil and gas sector.

He said the bill is one that is long overdue stressing that the corporation is committed to supporting sustainable legislation that will bring transformation to the industry, promote transparency and accountability across the value chain.

Kyari who spoke at the Business Day Energy series said: “I would not end this discussion without emphasizing the need for proper legislation. The passage of Nigeria’s Petroleum Industry Bill (PIB) is long overdue. It is one piece of legislation that will expand economic growth.”

Also, he said it is focusing on growing the nation’s domestic gas utilization for balanced economic growth.

Kyari who stressed the NNPC’s commitment to delivering key gas infrastructural projects like the Escravos-Lagos Pipeline System, ELPS, II; the Obiafu-Obrikom-Oben, OB3, gas pipeline; the Ajaokuta-Kaduna-Kano, AKK, gas pipeline, and Central Gas Processing Facilities, CGPF, said it is working on growing domestic gas utilization to five billion standard cubic feet of gas per day, scf/d, and developing five gigawatts, GW, of power generation by 2022.

“At the NNPC, we are aggressively pursuing other gas development initiatives with the aim of improving Nigeria’s economy using the appropriate fuels. In terms of Gas and Power, we are developing and integrating gas and power infrastructure networks, increases interconnectivity, as well as stimulating gas demand (power generation, feedstock, and transport, among others,” he said.

Kyari explained that the NNPC was also exploring partnerships and investments in transmission to unlock evacuation and improve power distribution across the country, stressing that the Nigerian Liquefied Natural Gas, NLNG, Train 7 would be delivered by 2024.

“We are equally collaborating among key industry players and government agencies on key sectors even as we are developing energy-related policies and investment packages to attract Foreign Direct Investment (FDI),” Kyari stated.

He said the focus on the development of key areas would not only expand the corporation’s domestic gas footprints, but also support the development of petrochemicals, fertilizer, methanol, and other gas-based industries that will generate employment and facilitate balanced economic growth.

 

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