The Organisation of Petroleum Exporting Countries (OPEC) Secretary-General, Mohammad Sanusi Barkindo, has extended his sincere congratulations to President Muhammadu Buhari on the signing of the Petroleum Industry Bill (PIB) into law.
Barkindo conveyed his message in a letter to President Muhammadu Buhari.
The Secretary-General highlighted that the passing of the bill into a national law marks a significant milestone for Nigeria’s oil industry and a historic achievement for Buhari’s Presidency.
‘With the stroke of a pen, you have inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector.
‘Indeed, the new law will enhance the Nigerian petroleum industry’s reputation, open the door to new investment, and ultimately strengthen its position to meet the world’s growing demand for energy,’ Barkindo stated.
He said the enactment of this legislation is especially timely as the investment outlook becomes clouded by efforts aimed at accelerating a lower-carbon future.
Furthermore, the new law will help harness Nigeria’s potential to achieve its programme of raising oil production to 4 mb/d and oil reserves to 40 billion barrels, while also drawing on the country’s vast natural gas reserves to provide clean and efficient energy.
“In addition, these resources will be vital to supplying world markets with a broad portfolio of energy options, and support global efforts to alleviate energy poverty as outlined in the United Nations’ Sustainable Development Goal 7”, OPEC official added.