The Minority Caucus in the House of Representatives has said it will be tougher and thorough in its oversight on operational policies, capacity and technology in the oil and gas sector.
This development, the opposition said would help to ensure higher productivity, greater transparency as well as check wastes and manipulations in the industry.
Hon. Ndudi Elumelu, Minority Leader of the House of Representatives (PDP Delta), stated this at the end of the Offshore Technology Conference (OTC) 2021, in Houston Texas, United States on Friday.
Elumelu maintained that the minority caucus would “intensify its legislative roles to ensure greater accountability in the sector, particularly in the context of the recently enacted Petroleum Industry Law (PIL).”
He noted that despite its certain shortcomings, which require further amendments, “the PIL presents robust legal instruments that can guarantee enhanced operations in the midstream and downstream sectors of the industry, if effectively implemented and monitored.”
According to Elumelu, in a statement issued by his Senior Legislative Aide, Tony Ayaegbunam, “the OTC, as a capacity building forum, afforded us the opportunity to meet and interact with professionals, industry leaders, policy makers and investment partners on global best practices for greater productivity and transparency in the energy sector.
“The Minority Caucus will be leveraging on the gains of the conference to further deepen our efforts towards expanding the productivity in the sector with emphasis on opportunities in local refining as well as investments in by-product and associated markets so as to achieve our full capacity in the industry.”
He noted that such effort would cover opportunities being missed by Nigeria in pipelines, refining, petrochemicals, crude and product tankers, local distribution as well as other offshore and onshore energy ventures.