The chairman Upstream Regulatory Commission ( U R.C) of the Nigerian National petroleum Corperation ( NNPC) Dr Isa Moddibo has called for the restructuring of oil and gas sector of the Nigerian economy in line with the global practices.
Moddibo who made the call during a courtesy- call on Governor Abdullahi Sule of Nasarawa state at government house Lafia on Monday also said the whole idea was to see where the country can explore feasibility of oil and gas, pointing out that there are commercial qualities of oil and gas in Nasarawa and Bauchi states.
The chairman further explained that a part from oil, Nigeria stands a chance to develop her gas potentials to become African gas hub in no distant future, and expressed the hope that the new entities created after the unbundling of the Nigerian National petroleum Corperation ( NNPC) will usher in new opportunities for youth across the country to be gainfully employed.
He said the petroleum industry Act was put in place to create a situation where the management of the oil and gas sector becomes a public Affairs, where transperancy and fairness are Paramount., pointing out that Petroleum Industry Act ( PIA) has also created a new regime of both fiscal administration and host- community relations aimed at tackling incessant restfulness in the Niger Delta region.
Recalled that the upstream Regulatory Commission was established by the federal government after the scrapping of three agencies under the NNPC, namely,DPR,PEF, and PPRA with the new agency focusing activities that would enhance the production activities in the upstream.
Responding, Governor Abdullahi Sule of Nasarawa state expressed the hope that people in the oil and gas sector of the country’s economy are beginning to realize the dreams for Nigeria’ s future in gas and not oil.
Governor Abdullahi Sule recounted that in the 1970s , Bolivia was like Nigeria with investors going there in search of oil, but only to find gas. ” However, in the 1990s , Brazil’s economy changed for the better and the country began to look for gas to feed its industries, There was no gas in Brazil. Now gas in Bolivia become gold,” he said.
He pointed out that like Bolivia, Nigeria must get its act well because like Ghana, Cameroun and Chad and other countries in west Africa become industrialised, adding that they will turn to Nigeria for the supply of gas.
While congratulating the chairman for the well deserved appointment, the governor also commended president Muhammadu Buhari for appointing a true son of Nasarawa state in person of Dr Isa Moddibo for such appointment and prayed God to enable him succeed on the enormous tasks ahead of him.
Nasarawa Reporters 