Nigeria’s permanent secretary, ministry of petroleum resources, Mr. Gabriel Aduda has said that deregulation of the oil and gas sector would increase transparency in the downstream sector of the petroleum industry.
Aduda who spoke at the just concluded 16th Oil Trading and Logistics Expo in Lagos with the theme: “Regulating Downstream Energy Transition in Dynamic Times,” full deregulation would also create healthy competition among investors.
Represented by deputy director, downstream department, federal ministry of petroleum resources, Mr. Augustine Okwudiafor, noted that deregulation would give business guarantees to potential investors at the stage of conceptualization.
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According to him, deregulation would significantly reduce, if not eradicate completely, the diversion and smuggling of petroleum products across Nigerian borders.
“All hands are on deck towards full deregulation of the downstream sector, as this will ensure commercialisation and liberalisation of the sector. It will also increase investment opportunities, create more jobs and promote a seamless energy transition.
“All these measures and many more will cushion the projected impact of downstream sector deregulation on consumers and the economy at large,” the permanent secretary
He further said data was key in the oil and Gas Industry, and that any reliable and accurate data would give investors a certain level of assurance.
“Hence, the government is keen and determined to harmonize all downstream data across the relevant agencies and parastatals to eradicate data variations.
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The government, through the ministry of petroleum resources, its agencies, and the federal ministry of science and technology, is considering enhanced technologies. They include machine learning (ML) and artificial intelligence (AI) to monitor and gather downstream data for effective policy formulation and investment guidance,” he said.
Aduda emphasized that oil also had a place in the energy transition space in the sense that oil could be made cleaner through the development and use of appropriate technologies. He said moving the downstream sector forward to that enviable position required collaborative efforts from all stakeholders.
“I challenge you all to come along to move the downstream sector towards achieving the downstream we could all be proud of,” he added.
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