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By Adewale Sanyaolu
Quest Oil & Engineering Services Limited, an indigenous energy provider, has said that the recently passed Petroleum Industry Act (PIA) will engender trust and enhance investor’ confidence towards achieving a successful transitioning of the Nigerian Oil and Gas industry.
A statement which quoted the Chief Executive Officer of Quest Oil and Engineering Services Limited, Mr. Goke Dele, said the PIA will enhance investor’ confidence in the sector due to the possibility of recouping such funds.
He further said that the stakeholder-based inclusiveness framework and market-driven nature of the Act, provides a transparent platform for both the regulators and operators to work together, where the former acts as partners in progress.
He also harped on the need for stakeholders to collaborate to succeed in the transitioning phase of the industry.
While supporting the call for right pricing of petroleum products, Amara opined that it is imperative for market forces to be given the right of way to encourage competition within the industry as in other climes. According to him, this will drive growth and development of the downstream Oil and Gas sector.
Dele also emphasized the need for local refining of the petroleum products in order to lower the operational/logistic costs, create employment in-country and harness the entire value chain benefits of the petroleum and other related industries.
