Poor investment into the gas sector over the years has been attributed to the rising cost of cooking gas.
The Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, NPRA, Mr. Farouk Ahmed, stated this on Monday, during his inauguration as CEO of NPRA.
He disclosed that the NPRA would urgently work with stakeholders to tackle the challenge of rising price of cooking gas, emphasizing that with the abundance of gas in the country, Nigeria should not struggle with gas supply.
Mr. Gbenga Komolafe who was also inaugurated as the CEO of the Upstream Regulatory Commission, disclosed that the Commission would seek to not just be a regulator for the upstream sector, but also a business enabler for the sector.
He said the agency would work to meet OPEC oil production quota and benefits maximally from the current rise in price of oil.
Minister of State Petroleum Resources, Chief Timipre Sylva, challenged the Chief Executive Officers on the need to grow the oil and gas industry, following as a result of the drop in direct investment into the sector , especially, with the coming of the Petroleum Industry Act, PIA.
The minister stated that he was expecting a lot of growth and development of the industry, saying the industry had been stagnated for a long time because the process of passing the PIA had been very arduous, having taken over 20 years.
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