Senator Nkechi Nwaogu
Emmanuel Ugwu in Umuahia
The Senate on Thursday said it had set in motion a machinery to ensure that Nigeria maximises its gas potentials through proper accountability in production and distribution of the resource.
Chairman of Senate Committee on Gas Resources, Senator Nkechi Nwaogu, made this known during an interaction with journalists, after an accountability forum she held at Abayi Umuocham, where she presented her score card to her Abia Central constituents after a year of her second term.
She said the nation has been incurring much wastes and economic losses due to absence of standard measurement and accountability for gas production and utilization hence the need to put things in order.
“My committee is in the process of ensuring that the quantity of gas produced and utilized in Nigeria is accurately measured and accounted for,” she said.
To get things right in the gas sector, Nwaogu said her committee had invited “all relevant government agencies and international oil companies to the National Assembly to explain why Nigeria’s gas is not well measured and accurately accounted for.”
According to her, the meetings with the stakeholders were productive as the committee was able to find out challenges in the gas sector and was now in good stead to tackle them headlong.
On the contentious Petroleum Industry Bill (PIB), being opposed by some members of the National Assembly, Nwaogu expressed optimism that the bill would be extricated from all entanglements and passed into law within the first quarter of 2013.
Describing the PIB as very strategic to the nation’s economy, she explained that it would engender more transparency in every aspect of the oil and gas sector.
She said the PIB has consolidated 16 other independent pieces of regulation on oil and gas and would expand the investment space for potential Investors in the sector, who have been very skeptical due to hazy conditions.
According to her, many investors have been skeptical in investing in the sector as they were not sure of the conditions for entering into the exploration of Oil and gas.