Mr Chukwuemeka Umeh, Executive Director, Nestoil has called for effective regulation to drive development in the Nigerian oil and gas Sector.
Umeh made the call at the ongoing Nigerian Oil and Gas Conference and Exhibition in Abuja on Tuesday.
The theme of the conference is ” Promoting investment and collaboration in the oil and gas sector.”
“We need new approach in the way we do things in the sector and therefore, we need to look at the way we regulate the oil and gas sector, ” he said.
Executive Director also said that there was urgent need for the sector to shift focus on gas with its huge deposit in the country.
Umeh added that Nigeria needed to study and find out ways that gas would help the nation to achieve development.
He also urged that the production and transportation process of gas should be articulated in the way that it would suit the Nigerian context to be able to help achieve result.
“We do not need to go and copy other countries’ policy and come to implement it in Nigeria.
“We need to think of how to do our own to suit our situation.”
Using the Telecom sector as an instance, he said that African had the highest internet penetration because of segmentation in services.
“The Telecom sector is successful because of service segmentation which drives true market system.
“Smart and intelligent regulation were the key to the success of that sector, so for us to get gas work for the country, we need to adopt this pattern.”
He said that with focus on gas, power challenge in the country would be tackled, adding that generating companies should be allowed to get Foreign Direct Investment from any country.
According to him, when such is done, they should be allowed to sell their products at price that would drive investments.
Umeh also said that when such happened more gas would be produced and it would help to drive the economy.
He further urged government to support all efforts that would drive the growth of the oil and gas sector.
