Stakeholders in Nigeria’s oil and gas sector have expressed commitment to work in collaboration toward optimizing the Nigerian oil and gas industry.
They include: The Major Energies Marketers Association of Nigeria (MEMAN); The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN); The Crude Oil Refinery-owners Association of Nigeria (CORAN); The African Refiners and Distributors Association (ARDA) and Petroleum Products Retail Outlets owners Association of Nigeria (PETROAN).
They emphasised the need for strategic investments, policy reforms, and innovative practices that align with global standards and sustainability goals.
According to them, the proposed establishment of the Petroleum Committee will serve as a key platform for fostering collaboration and guiding the sector through its ongoing transition.
These were contained in a communique yesterday after a webinar organized by MEMAN), in collaboration with DAPPMAN), CORAN, ARDA and PETROAN.
The theme of the webinar was: “Optimizing the Nigerian Oil and Gas Industry.” According to the communique, the event brought together key stakeholders from various sectors of the oil and gas industry to discuss challenges, opportunities, and strategic initiatives for enhancing the sector’s efficiency and sustainability. It highlighted key discussion points during the webinar.
It read: “Regulatory Challenges and Deregulation: Participants discussed the implications of recent price hikes in petroleum products and emphasized the need for full market deregulation.
A market driven pricing mechanism was advocated to promote competitiveness and operational efficiency. The removal of government controls on pricing was seen as essential to foster a more dynamic and responsive industry.
“Energy Transition and Diversification: The discussions underscored the importance of transitioning towards cleaner energy sources, including Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG).
Investments in renewable energy infrastructure and modular refineries were highlighted as critical steps for enhancing domestic refining capacity and reducing reliance on imports.”
“Opportunities for Investment: Attracting both local and foreign investments was identified as a priority to support infrastructure development in the sector.
A clear regulatory framework and targeted incentives were seen as necessary to encourage investment and foster growth.”