May 21, 2024
Subsidy Removal: Oil Companies Demand Full Deregulation
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Subsidy Removal: Oil Companies Demand Full Deregulation

Some major oil and gas companies in Nigeria have called for full deregulation of the downstream sector of the oil and gas industry.

Speaking at the sixth edition of the Nigeria International Energy Summit (NIES 2023) in Abuja, Mr. Olumide Adeosun, Chairman, Major Oil Marketers Association of Nigeria (MOMAN), decried the fact that deregulation, the most fundamental aspect of the Petroleum Industry Act (PIA 2021), has not been implemented.

He says deregulation must happen in full, and must happen immediately, and that Nigeria can no longer have a situation where there is a single supplier. He appealed that the deregulation must be done in a transparent and sustainable manner while the public and relevant stakeholders are included.

READ ALSO: Kogi Plans Inland Port To Move Cargo Between Northern and Southern Nigeria

The Chairman of MOMAN also notes that deregulation, when implemented would reduce oil smuggling, increase investments to the downstream and redefine cash durability.

Mr. Oladotun Isiaka, the Executive Director, Deepwater, Exxonmobil Nigeria, while also calling for deregulation, says the misalignment and overlapping roles in view of PIA implementation between agencies in the sector, gives room for gaps and lapses and equally made opportunities less attractive.

Mr Osagie Okunbor, Chairman, Shell Companies in Nigeria, however, is calling on the incoming administration to fix the insecurity challenges in the industry.

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