OPTS committed to move industry forward – Group

Mr Michael Sangster, chairman of the Petroleum Producers Trade Section (OPTS), said the group is committed to supporting any initiative that can accelerate the growth of the oil and gas sector in the country.

Sangster gave this assurance while delivering a message of goodwill at the Fourth Nigerian International Petroleum Summit (NIPS) in Abuja on Monday.

“OPTS remains committed to government and all industry stakeholders to move the industry forward,” he said.

He said the conference theme “From Crises to Opportunities, New Approaches” was appropriate as it would provide opportunities for stakeholders to discuss the way forward for the industry.

He said COVID-19 had affected the industry globally and there was a need for stakeholders to come together to generate a resurgence of growth.

“This gathering is an ideal opportunity for all to work together to make the Nigerian oil and gas sector competitive and build investor confidence,” he said.

He reassured the OPTS’s commitment to ensure a viable and efficient oil and gas sector in the country.

The group’s managing director, the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, congratulated the minister on the organization of the conference.

He said the industry was facing challenges brought on by COVID-19, including the cost of producing crude oil.

He said some of the challenges require a legal framework to resolve them permanently, hence the need for the passage of the Petroleum Industry (GDP) Bill.

“Cost is paramount, we need to reduce production costs, the best time is now and we are working with all stakeholders to make it work.

“Security is another issue and we are working to contain it but more is needed, we are pleased that the federal government is ensuring that the challenges are addressed,” he said.

Kyari said there is a need for industry stakeholders to work together, adding that companies should strive to switch to energy companies.

“This crisis is an opportunity to do a lot of things together differently to achieve better results,” he said.

The Speaker of the House of Representatives, the Hon. Femi Gbajabiamila said Nigeria must join the global energy transition efforts due to the infinite nature of oil.

He said the National Assembly has a strategic role to play in ensuring the growth of the oil and gas sector.

He said it was unfortunate that the GDP had suffered over the years, but assured the 9th assembly was working hard to give Nigeria the legal framework for the sector.

“For GDP, we’ve never done it right, but this time we are determined to do it right. We have a self-imposed date, but we’ve gone beyond that.

“We believe that whatever is worth doing is worth doing well and we must not sacrifice on the altar of time, there are diverse interests and we must bring them together.

“What is important is the national interest and we will look at it well to find a balance,” he said.

Gbajabiamila urged participants to make useful contributions to help spur growth in the oil and gas sector. (NAA)