With Petroleum Act, Buhari Has Ushered in New Era for Nigeria’s Oil Sector, OPEC Says

The Secretary General, OPEC, Mohammad Sanusi Barkindo has congratulated Nigeria’s President Muhammadu Buhari, saying it marked significant milestone for Nigeria’s oil industry and an historic achievement for the Presidency.

According to Barkindo, with the stroke of a pen, the president has inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector.

“Indeed, the new law will enhance the Nigerian petroleum industry’s reputation, open the door to new investment, and ultimately strengthen its position to meet the world’s growing demand for energy. The enactment of this legislation is especially timely as the investment outlook becomes clouded by efforts aimed at accelerating a lower-carbon future.

“Furthermore, the new law will help harness Nigeria’s potential to achieve its programme of raising oil production to four million barrels per day and oil reserves to 40 billion barrels, while also drawing on the country’s vast natural gas reserves to provide clean and efficient energy.

“In addition, these resources will be vital to supplying world markets with a broad portfolio of energy options, and support global efforts to alleviate energy poverty as outlined in the United Nations’ Sustainable Development Goal 7,” the OPEC scribe added.

He noted that the signing into law of the legislation also coincided with another significant milestone in Nigeria’s history – the 50th anniversary of Nigeria’s Membership of OPEC.

According to Barkindo, the golden moment provides a unique opportunity to reflect upon Nigeria’s rise as a global energy supplier and partner.

“Since the 24th OPEC Conference on 12 July 1971, when Nigeria received a unanimous and enthusiastic welcome as the 11th Member Country of the Organisation, our country has come to symbolise Africa’s within OPEC and its pivotal support for global oil market stability.

“Excellency, the past year has been a time of enormous challenges for our world, for our Organisation, and for each Member Country. Yet throughout this difficult period, we have demonstrated the enduring importance of OPEC and its timeless commitment to dialogue, cooperation, multilateralism and respect among all nations,” he added.

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