An Energy-focused advisory group, the African Energy Chamber has commended the Federal Government for the re-presentation of the Petroleum Industry Bill to the National Assembly
In a statement, the Chairman of the Chamber, Mr N.J Ayuk also said the recent launch of, the first marginal field bid round in nearly two decades was a positive development for the energy sector as it could rekindle interest in the country’s untapped resources.
It says with the necessary legislation in place, Nigeria can revitalize and capitalize upon its oil industry and that instead of flaring its abundant gas to power, Nigeria can start using it to power households and businesses.
It adds that the gas can even play a valuable role in Nigeria’s energy transition by providing revenue for green initiatives.
The statement however enjoins the Government to tackle the weak governance, Violence and security issues, and corruption which have slowed Nigeria’s ability to develop sufficient power plants and hindered foreign investment in infrastructure.