Professor Emeritus in Petroleum Economics and Policy Research, Wumi Iledare and the President, Association for Energy Economics , Prof. Yinka Omorogbe, have highlighted the fiscal, regulatory and the governance outlook of the embattled Petroleum Industry Bill
“Worldwide, fiscal systems are designed to encourage substantial and progressive investment in the industry, while balancing rewards with risk and enhancing revenues to the host government, based on mutuality of interests. “A vital component of reforms to promote competitiveness and attractiveness for Nigeria’s fiscal regime has been noticeably complemented with clearly defined roles for institutional organs of government— policy, commercial and regulatory.
Omorogbe, who was once the Chairperson of the Legal and Regulatory sub-committee of the Oil and Gas Sector Reform Implementation Committee that drafted and submitted the first PIB to the National Assembly in 2008, said there won’t be an alternative to a total reform of the Nigerian oil industry, if the country would ever realise the full potential of the industry.“Whilst we have been stalling on petroleum industry reform, several new producers have emerged.
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