-2.1 C
New York City
Wednesday, October 4, 2023
Home BUSINESS ENERGY FG Makes Case for Full Deregulation of Petroleum industry

FG Makes Case for Full Deregulation of Petroleum industry

The Permanent Secretary, Ministry of Petroleum Resources, Mr Gabriel Aduda, on Monday, said deregulation of the downstream sector would increase transparency in downstream sector of the petroleum industry.

Aduda said full deregulation would also create healthy competition among investors.

Aduda was represented at the 16th Oil Trading and Logistics Expo in Lagos with the theme: “Regulating Downstream Energy Transition in Dynamic times,” by Mr Augustine Okwudiafor, the Deputy Director, Downstream Department, Federal Ministry of Petroleum Resources.

He noted that deregulation would give business guaranty to investors at the stage of conceptualisation.

According to him, deregulation will significantly reduce, if not eradicate completely, the diversionand smuggling of petroleum products across Nigerian boarders.

“All hands are on deck towards full deregulation of the downstream sector, as this will ensure commercialisation and liberalisiation of the sector.

“It will also increase investment opportunities, create more jobs and promote seamless energy transition.

“All these measures and many more will cushion the projected impact of downstream sector deregulation on consumers and the economy at large,” he said.

He further said data was key in the Oil and Gas Industry, and that a reliable and accurate data would give investors a certain level of assurance.

“Hence, government is keen and determined to harmonise all downstream data across the relevant agencies and parastatals to eradicate data variations.

“Government, through the Ministry of Petroleum Resources, its agencies and Federal Ministry of Science and Technology, is considering enhanced technologies.

“They include Machine Learning (ML), Artificial Intelligence (AI) to monitor and gather downstream data for effective policy formulation and investment guidance,” he said.

Aduda emphasised that oil also had a place in the energy transition space in the sense that oil could be made cleaner through the development and use of appropriate technologies.

He said moving the downstream sector forward to that enviable position required collaborative efforts from all stakeholders.

“I challenge you all to come along to move the downstream sector towards achieving the downstream we could all be proud of.

“As government, we are prepared to take feedback from for a such as this to guide policy formulation, especially as it affects our Oil and Gas Industry.

©Copyright MOTORING WORLD INTERNATIONAL. All rights reserved. Materials, photographs, illustrations and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior written permission from Motoring World International

Contactinfo@motoringworldng.com

Most Popular

Real Reason for Introducing CNG Mass Transit Buses in Nigeria – President Tinubu

President Bola Ahmed Tinubu has described the ongoing CNG Mass transit programme as part of his administration’s strategic plans aimed at building a robust...

AUTOMEDICS Partners Italian facilitators on Auto Gas Installation Training for Nigerians

AUTOMEDICS LTD in partnership with Italian facilitators, ECOMOTIVE SOLUTIONS, plans to hold a two-day auto gas installation training for auto and generator maintenance/repair technicians...

Ford Wins in Rally Chile, as Toyota Clinches Manufacturers’ Title

M-Sport Ford's Ott Tanak sped to victory in Rally Chile on Sunday as Toyota won the manufacturers' title with two rounds to spare and...

GT World Challenge: ROWE Racing concludes an impressive Endurance Cup season

The Fanatec GT World Challenge Europe Powered by AWS Endurance Cup season concluded with the 3-hour race at Barcelona (ESP). While the BMW M Motorsport...
%d bloggers like this: