Austin Avuru,MD/CEO of SEPLAT Petroleum Development Company has said that the oil industry needs “a strong, independent
regulator” for the Petroleum Industry Bill (PIB) to work. He made the case at
the 18th Nigerian Economic Summit, held in Abuja where he presented a paper
entitled, “The PIB and the Future of Nigeria’s Oil Industry.”
He noted, however, that controversy has dogged the reform process in the oil
and gas sector because of a misalignment of priorities and reduction of the
whole PIB process to “a debate about fiscal provisions. He that the PIB is “the
result of an elaborate institutional reform process for the oil & gas
sector, initiated in 2000”.
Avuru cited examples from successful reform efforts in the telecoms, power,
aviation and maritime industries where he pointed out that reforms have worked
largely due to strong regulators like “the NCC for telecoms and NERC for power
as well as a focus on private sector as source of new investments.”
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