OPEC: N’assembly has engraved itself in gold by passing PIB

Mohammad Barkindo, secretary-general, Organisation of Petroleum Exporting Countries (OPEC), has commended Nigeria for passing the Petroleum Industry Bill (PIB), saying the national assembly has engraved itself in gold.

Barkindo gave the commendation at the 20th Nigeria Oil and Gas Conference (NOG) on Tuesday, themed “Fortifying the Nigeria Oil and Gas industry For economic growth and Stability.”

He said the bill’s passage would help guide relevant institutions, strengthen regulatory frameworks and attract investments.

“Mr President, allow me, on behalf of OPEC, to congratulate you on the Petroleum Industry Bill (PIB), which was just passed by both chambers of the National Assembly of our great country,” Barkindo said.

“This long-awaited legislation for the oil and gas sector will help guide the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks and attract the much-needed investment in a sustainable manner.

“The ninth National Assembly has engraved itself in gold in passing the Petroleum Industry Bill.”

He said that OPEC was indebted to President Muhammadu Buhari for the leading role he has played and continues to play in support of the OPEC-non-OPEC Declaration of Cooperation process.

He also commended Timipre Sylva, minister of state for petroleum resources, for his leadership and active participation in ensuring lasting stability in the oil market.

“This historic achievement has ushered in a new era in the global energy cooperation as OPEC and its non-OPEC partners continue to provide crucial support to the oil market, in the interest of producers, consumers and the global economy,” he added.

“On the domestic front, your ongoing contributions and leadership in guiding Nigeria’s energy industry into the future are both impressive and commendable.”