FAAC calls for review of laws, price regime in gas sector

The Federal Account Allocation Committee (FAAC) has called for the speedy review of laws, fiscal regime, licences and price regime of petroleum products in the country.
This is contained in a communique on Friday in Benin, Edo State as part of the committee’s resolution at the end of a two-day National Seminar held in Benin, with the theme “The Role of Gas in Nigeria’s Economy” .
Although the communique acknowledged some of the many challenges faced by the sector to include domestic utilization of gas being relatively low, attributable to the low level of industrialization and the inadequacy of the gas transmission and distribution infrastructure.
It however, resolved that a quick passage of the Petroleum Industry Bill (PIB) would fast track the holistic implementation of the Gas Master Plan, saying that government must strive to create a balance between export of gas and the usage in the domestic market by encouraging Local gas consumption as a stimulus for development of our economy.
Among its other recommendations was for government to expedite the power transmission project to enable the power plants evacuate the power so that stranded gas could be utilized.
According to the communique, government needs to deliver the required infrastructure to link offshore gas to existing/ planned facility; Synergies between operators need to be driven by the regulators to deliver stranded gas.
The objective of the seminar is to sensitize stakeholders in the gas sector on the need to diversify the Nigerian economy by vigorously pursuing policies and programmes that could harness the country’s vast gas reserves.