The Guardian (Nigeria)

Finally, govt scraps DPR, PPPRA, PEF for new agencies

- From Kingsley Jeremiah, Abuja

THE Federal Government, yesterday, officially scrapped the Department of Petroleum Resources ( DPR), Petroleum Products Pricing Regulatory Agency ( PPPRA) and the Petroleum Equalisati­on Fund ( PEF).

Following the passage and implementa­tion of the Petroleum Industry Act ( PIA), the Upstream Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority ( NPRA) are to perform the duties of the three defunct agencies.

The move also includes the official transition of the Nigerian National Petroleum Corporatio­n into NNPC Limited to be governed by an extant company and allied matter regulation.

Speaking at the official transition in Abuja, Minister of State for Petroleum Resources, Timipre Sylva, as well as head of the upstream commission, Gbenga Komolafe and NPRA Chief Executive Officer, Farouk Ahmed, predicted improved investment­s to leapfrog the nation’s oil sector . The stakeholde­rs are also considerin­g ways to engage oil companies amid divestment of portfolios, stressing that the country would drasticall­y drive improvemen­t in daily production and crude oil reserves.

Sylva said with the leadership of the new agencies in place, the heads of the old ones are now technicall­y handing over to their successors.

His words: “Today’s ( yesterday) event marks the beginning for the new agencies. Their assignment is simple – to make sure that the new agencies – take off immediatel­y.

“I am really expecting a lot of growth and developmen­t in the oil industry. The oil industry has been stagnated for a long time because the process of passing the PIA was on for over 20 years.

“So a lot of companies, a lot of investors took a sit- down- andwatch approach. The PIA has clarified the legal framework around the sector and the agencies are in place. I don’t see anything now stopping investors from coming.

“And we are very lucky to have very competent industry people with proven experience­s. So, we believe that they can hit the ground running and Nigerians should brace up for exponentia­l growth in the oil and gas sector.”

 ?? PHOTO: NAN ?? Traffic gridlock on Airport Road in Abuja… yesterday.
PHOTO: NAN Traffic gridlock on Airport Road in Abuja… yesterday.

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