The Group Managing Director of the Nigerian National Petroleum Company Limited, Mal. Mele Kyari, on Tuesday received in audience the members of the Senate Committee on Petroleum Resources (Upstream).
The Committee led by its Chairman, Senator Bassey Albert, visited the NNPC Towers in Abuja as part of its oversight function.
During the visit, the NNPC CEO said the passage of the Petroleum Industry Act would see increased investment in the Oil and Gas industry.
The Petroleum Industry Act was signed into law by President Muhammadu Buhari on 16th August, 2021 after it was passed by the National Assembly.
Following the assent of the President, the NNPC Limited was incorporated by the Corporate Affairs Commission on September 22 last year, after it received application for its registration from the Federal Government.
The new legislation has provided business opportunities that will enable the NNPC earn more revenue for the country.
The Petroleum Industry Act has also raised stakeholders expectations on the company, even as it has given it a wide room to stimulate investments in the oil and gas industry.
Speaking during the lawmakers’ visit, Kyari said the Act has provided clarity of the new fiscal framework that would enable partners and investors to make important commercial decisions.
The Committee Chairman acknowledged the CEO and his team’s efforts towards repositioning the NNPC Post-Petroleum Industry Act
He added that efforts made by the National Assembly towards the passage of the legislation were yielding profitable results.
