From Ndubuisi Orji, Abuja
House of Representatives has said it will amend the Petroleum Industry Act ( PIA) to make more robust, as well as ensure that it is in sync with dynamics of global energy “landscape”.
The chairman, House Committee on Petroleum Upstream, Alhassan Ado Doguwa, stated this, on Tuesday, at the inaugural meeting of the committee.
Doguwa stated the committee has been saddled with the task of reviewing the PIA to reflect best practices. He assured that the review of the PIA will done transparently “to create a regulatory environment that catalyzes innovation, attracts investment, and secures the long-term viability of our petroleum
resources.”
According to him, “the enactment of the Petroleum Industry Act by the 9th Assembly was a watershed moment, signaling a new dawn of reform intended to revitalize an industry that is the lifeblood of our economy. However, the true measure of legislation is not in its passage but in its execution and adaptability.
“It is with this understanding that we acknowledge the need for ongoing scrutiny and refinement of the Act to ensure it is attuned to the evolving dynamics of the global energy landscape and the specificities of our national context.
“Our committee is thus charged with a mandate of utmost significance: to meticulously review and amend the Act, ensuring it is robust, forward-looking, and reflective of best practices.”