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Business & Finance

Petroleum Producers Call For Good Regulatory Framework For Oil And Gas Sector

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The group further recommended establishing of linkages and other economies to be more resilient in shocks such as the current one witnessed in the sector.

The African Petroleum Producers Association (APPA) has called for firm regulatory frame work to help in the effective development of oil and gas sector.

The call is contained in a communique issued at the end of the 6th African Petroleum Congress and Exhibition on Thursday in Abuja.

It said that congress recommended the control and limit of ineffective diplomatic procedures, including permits and process.

Other recommendations included implementation of anti corruption initiatives and ensuring transparency, better management of production elements and integration of core upstream and downstream activities.

It further recommended establishing of linkages and other economies to be more resilient in shocks such as the current one witnessed in the sector.

The document stated that sincerity of purpose and being consistent would attract and retain partnerships.

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It said congress also recommended investment on human capital development to foster security among APPA members and promote local content and community development activities.

It added that innovative sharing among member countries should be encouraged to safeguard social development projects.

“Gas modernisation and flaring programmes should be implemented to project the environment and mitigate climate change.

” There should be clarity on roles of powers of ministers and regulatory agencies to reduce bottlenecks in the system.”

It further recommended regulatory certainty, clarity and flexibility for changes overtime to reflect circumstances.

According to the communique, provision of regional synergy and cross border investment in infrastructure and establishment of robust infrastructure band on challenges and opportunities for potential investors is also recommended.

source: pulse.ng


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