Expert advocates increased synergy in oil & gas sector

 

There is urgent need for increased synergy and cooperation in the oil & gas sector in order to improve productivity and ramp up investments across the entire value chain. 

General Manager, Legal and Company Secretary at LEKOIL Nigeria Limited, Gloria Iroegbunam, who made this statement in a presentation said the Executive Orders would have far-reaching positive implications if all actors were working in the same direction.

“The petroleum industry stands as the backbone of the Nigerian economy, drawing substantial offshore and domestic investments. “However, a significant challenge lies in the regulatory bureaucracy that often hampers smooth operations and investment flows. “The overlapping responsibilities among various regulatory agencies further complicate matters, creating an intricate web of administrative hurdles. ” In light of these challenges, the Nigerian government’s efforts to streamline these processes through Executive Orders are commendable, but the practical efficacy of these orders warrants deeper examination,” Iroegbunam stated in the piece titled Practical Efficacy of Executive Orders in the Nigerian Petroleum Industry.

While urging the government to ensure the elimination of legal boundaries and regulatory constraints, she said “A fundamental aspect of implementing Executive Orders lies in their legal standing. Executive Orders are directives from the President that aim to manage operations within the federal government.”