The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, says non-compliance to regulations by operators in the oil and gas sector hinders growth in the industry.
Baru made this known at the 2018 annual stakeholders meeting of the Department of Petroleum Resources (DPR) in Abuja on Thursday.
The NNPC boss was represented by the Chief Operating Officer, Downstream of the NNPC Mr Henry Ikem-Obih.
He noted that crisis in the industry would be eliminated by compliance with regulations and long-term viability of the industry would be guarantee.
“Challenges for the industry of this size would always be in getting all operators to fully comply with regulations.
“Compliance with regulations, we would say, is the biggest challenge in the industry today; just for people to do the right things according to various laws and regulations we have in the industry.”
He opined that there will be a pain-free experience for the consumers if everybody plays their part in achieving and sustaining compliance.
He added that operators as well would remain in long-term viable businesses.
He called on the DPR to ensure effective enforcement to achieve total compliance in the sector for growth and development.
Chairman, House Committee on Petroleum Downstream, Mr Joseph Akinlaja, commended the effort of the DPR in ensuring effective compliance with regulations in the sector.
Akinlaja stated that the enforcement of online registration by operators was a step in the right direction.
He raised the need to include tanker owners and drivers as part of the stakeholders meeting, to enable them to understand the need for compliance to regulations for the good of all.
He further said that the National Assembly would soon conclude work on the Petroleum Industry Bill.