The Senate Committee on Petroleum Resources (Upstream) has expressed joy that the Petroleum Industry Act (PIA), which it passed into law recently has started yielding positive results.
The Chairman of the Committee, Senator Bassey Albert Akpan, who spoke yesterday, February 2 when he led members of the Committee on an oversight visit to the Nigerian National Petroleum Company Limited at the NNPC Towers in Abuja, said: “we are very impressed that the effort of the National Assembly in passing the PIA is yielding positive outcomes.”
Senator Akpan, who said that the visit offered the lawmakers the opportunity to have firsthand information about Management’s actions in transitioning from a Corporation into a limited liability company in compliance with the Petroleum Industry Act, commended the NNPC Ltd for repositioning the Nigerian oil and gas industry into a competitive business environment.
“We commend the effort of Mallam Mele Kyari and his team for repositioning NNPC post-PIA.
“We have been told about the challenges, the expectations, projections and visions for NNPC,” said even as he assured that the Committee would look into the issue of funding for frontier exploration in order to ensure that the objective of boosting exploration and production in frontier basins in the next five years is met.
Earlier, the Chief Executive Officer of the NNPC Ltd, Mallam Mele Kyari, said that the Company is fully set to meet the growth trajectory envisaged in the PIA.
He said stressed that the company has received very positive commercial assurances from investors and partners across the globe.
