. At NCDMB Practical Nigerian Content, stakeholders reveal reasons investment drought persisted after one year of PIA + PHOTOS
Nigeria has begun to take a deeper look at beneficial ownership of oil contract bidders, declaring that veiling the real owners of companies is an albatross for achievements in industry’s contracting circle.
Platforms Africa reports that Oritsemeyiwa A. Eyesan, Executive Vice President – Upstream, Nigerian National Petroleum Company Limited (NNPCL), said this in Yenagoa during the panel session at the Practical Nigerian Content Conference (PNC).
At the conference organised by Nigerian Content Development and Monitoring Board (NCDMB), Oritsemeyiwa A. Eyesan, represented on the panel by Bala M. Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Management Services (NUIMS), stated that it was a collective responsibly of all stakeholders to ensure that the 180-day contracting circle is achieved.
He punctured the allegation that the government agencies are responsible for the inability to meet target, stressing that the oil producers also caused delay in the execution of the contraction for contracting circle.
“We are going into beneficial ownership issues because it is affecting efforts to achieve 180 days contracting circle,” he said.
The panel themed; “Providing an Enabling Environment for Investment in the Energy Sector,” also provided an insight into the critical success factors to ensure the new framework for optimizing contracting cycles deliver on its objectives and what structures could be put in place to avoid regulatory overlaps in the industry. The session further shared strategies in place to achieve the 4 million bpd target and collaborative opportunities that the public and private sectors can explore to reduce the cost of production.
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The session, moderated by Dr Ernest Nwapa, Pioneer Executive Secretary, NCDMB has industry leaders as panelists.
The panelists include Oritsemeyiwa A. Eyesan, Executive Vice President – Upstream, NNPC Ltd (
@nnpclimited
) represented by Bala M. Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Management Services (NUIMS); Richard Kennedy, Chairman & Managing Director, Chevron Nigeria/Mid-Africa Business Unit represented by Cosmas Iwueze, Director NNPC/CNL Joint Venture, and Chevron Nigeria Matthieu Bouyer.
Others are Managing Director & Chief Executive, TotalEnergies EP Nigeria (
@TotalEnergiesNG
) Limited Elohor Aiboni, Managing Director, Shell Nigeria Exploration and Production Company (SNEPCo) Mr Abdulrazaq Isa, Chairman, IPPG.
The panelists also highlighted reasons investment drought persisted after one year of PIA.
These, according to them included two regulators for one sector, multiple taxation and confusions emanating from regulations.
“We have come to realise that having two regulators for the sector post PIA is not good for the business,” IPPG Abdul Rasaq said.
“Our position is that it is tax burdening,” OPTS representative said.
“The delay in achieving 180-day contracting circle I another impediment to investment flows,” the NNPC Oritsemeyiwa concluded.
