The Minority Caucus in the House of Representatives is expected to initiate amendment to the Petroleum Industry Act, 2021 and tougher oversight on operational policies, capacity and technology in the oil and gas sector to ensure higher productivity, greater transparency as well as check wastes and manipulations in the industry.
Minority Leader of the House of Representatives, Hon. Ndudi Elumelu (PDP Delta), gave the assurance at the end of the just-concluded Offshore Technology Conference (OTC) 2021, held in Houston, United States.
Hon. Elumelu maintained that the Minority Caucus will “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 him, “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.
