{"id":120628,"date":"2025-07-14T18:15:10","date_gmt":"2025-07-14T17:15:10","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=120628"},"modified":"2025-07-14T18:15:10","modified_gmt":"2025-07-14T17:15:10","slug":"pia-attracts-16bn-investment-drives-sector-growth-says-kalu","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/","title":{"rendered":"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu"},"content":{"rendered":"
\n
By Tracy Moses<\/div>\n
\n
\n
\n
<\/div>\n
The Deputy Speaker of\u00a0 House of Representatives, Benjamin Kalu on Monday described the Petroleum Industry Act (PIA) as a transformative force in the country\u2019s oil and gas sector, crediting it with reviving investor confidence, streamlining regulation, and boosting production and revenue.<\/div>\n
<\/div>\n
Speaking at the General Counsel and Legal Advisers Forum organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Deputy Speaker, Benjamin Kalu represented by Hon. Ikenga Imo Ugochinyere, Chairman of the House Committee on Petroleum Resources (Downstream), highlighted the National Assembly\u2019s critical role in enacting and overseeing the implementation of the PIA.<\/div>\n
<\/div>\n
<\/div>\n
The forum brought together legal and industry experts to explore how legislation has become a driver of compliance, investment, and sustainable development in the petroleum industry.<\/div>\n
<\/div>\n
Kalu noted that the Act has reshaped Nigeria\u2019s regulatory landscape by establishing two key institutions, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the NMDPRA, both of which have contributed to increased transparency, accountability, and operational efficiency.<\/div>\n
<\/div>\n
Since its passage, the PIA has catalyzed massive investment commitments and improved oil output. Nigeria\u2019s production recently reached its highest level in years, a significant rebound for the industry. The Deputy Speaker also noted that the sector is now governed by clearer rules, improved corporate governance structures, and stronger environmental oversight. Provisions that channel a portion of oil revenues to host communities are beginning to foster peace and shared prosperity in historically restive regions.<\/div>\n
<\/div>\n
He cited the increased revenue collection by regulatory bodies, improved compliance enforcement, and the development of new regulations as key indicators of the PIA\u2019s success. These reforms, coupled with recent executive directives that offer incentives and simplify contracting processes, have further strengthened investor confidence.<\/div>\n
<\/div>\n
Legislative support, he said, remains ongoing. The National Assembly continues to engage with sector players, conduct oversight, review policies, and refine legal frameworks to ensure the law remains dynamic and responsive. He stressed that such oversight must move beyond procedural formality and evolve into a more strategic and data-driven exercise that delivers tangible impact.<\/div>\n
<\/div>\n
Calling on legal professionals to play a more active role in refining the PIA, he proposed regular collaboration through working groups, public hearings, and structured reporting by key regulatory agencies. According to him, the law\u2019s successful implementation depends on the input of those directly engaged in its daily application.<\/div>\n
<\/div>\n
Looking at global benchmarks, the Deputy Speaker said Nigeria\u2019s PIA shares similarities with petroleum governance models in advanced jurisdictions, featuring clear institutional roles, competitive licensing, strong environmental safeguards, and inclusive benefit-sharing frameworks. He also outlined a legislative vision that stretches into the next two decades, aiming to enhance digital monitoring, accelerate gas development, drive energy transition, and position Nigeria as a technology hub within the global energy market.<\/div>\n
<\/div>\n
Describing the PIA as a legislative model for resource-rich nations, he stressed that political will, continuous stakeholder engagement, and active post-legislative oversight are essential for sustainable development.<\/div>\n
<\/div>\n
The Deputy Speaker also addressed the ongoing challenge of oil theft, labeling it a critical threat to Nigeria\u2019s economy. He assured that the National Assembly has taken it seriously, including setting up a dedicated committee, collaborating with national security and oil agencies, and increasing funding for security forces to combat the issue. He called for swift and strategic institutional actions to safeguard Nigeria\u2019s energy revenues.<\/div>\n
<\/div>\n
Also speaking at the event, the Chief Executive of NMDPRA, Engr. Farouk Ahmed, emphasized the essential role of legal professionals in fostering a culture of compliance in the midstream and downstream segments. He explained that legal clarity and collaboration are indispensable in managing a sector as complex as oil and gas, which encompasses refining, transportation, storage, and distribution.<\/div>\n
<\/div>\n
Ahmed reaffirmed the Authority\u2019s dedication to upholding the provisions of the PIA and revealed ongoing efforts to streamline regulations to simplify compliance, reduce red tape, and improve the ease of doing business. He urged participants to contribute ideas and recommendations that would enhance the legal and regulatory landscape.<\/div>\n
<\/div>\n
He encouraged stakeholders to see compliance “not as a burden, but as a key component of sustainable operations, critical for safety, environmental protection, and market fairness.”<\/div>\n
<\/div>\n
He also highlighted NMDPRA\u2019s continued collaboration with government agencies and industry players to ensure that regulations remain inclusive, effective, and globally competitive.<\/div>\n
<\/div>\n
The forum concluded with a renewed commitment to fostering transparency, legal soundness, and investor confidence across Nigeria\u2019s oil and gas value chain.<\/div>\n
<\/div>\n
In a brief interview afterward, Ugochinyere reflected on the importance of such gatherings, especially as the PIA approaches its fourth anniversary. He underscored the need for continued dialogue between lawmakers, regulators, and legal professionals to improve the Act\u2019s implementation and address emerging challenges.<\/div>\n
<\/div>\n
He also touched on the growing security concerns in the sector, noting “that the government is stepping up support for law enforcement agencies to tackle oil theft.”<\/div>\n
<\/div>\n
On the ongoing investigation into the acquisition of OVH Energy, he confirmed that his committee will be convening soon to address the matter, assuring that the controversy will be resolved transparently.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Tracy Moses The Deputy Speaker of\u00a0 House of Representatives, Benjamin Kalu on Monday described the Petroleum Industry Act (PIA) as a transformative force in the country\u2019s oil and gas…<\/p>\n","protected":false},"author":1,"featured_media":107168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-120628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nPIA Attracts $16bn Investment, Drives Sector Growth Says Kalu - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"By Tracy Moses The Deputy Speaker of\u00a0 House of Representatives, Benjamin Kalu on Monday described the Petroleum Industry Act (PIA) as a transformative force in the country\u2019s oil and gas…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/\" \/>\n<meta property=\"og:site_name\" content=\"Pointblank News\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-14T17:15:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"589\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Our Reporter\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Our Reporter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/\"},\"author\":{\"name\":\"Our Reporter\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"headline\":\"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu\",\"datePublished\":\"2025-07-14T17:15:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/\"},\"wordCount\":842,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/\",\"name\":\"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu - Pointblank News\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg\",\"datePublished\":\"2025-07-14T17:15:10+00:00\",\"author\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"breadcrumb\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#primaryimage\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg\",\"contentUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg\",\"width\":800,\"height\":589},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/pointblanknews.com\/pbn\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/\",\"name\":\"Pointblank News\",\"description\":\"Just the news\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\",\"name\":\"Our Reporter\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"caption\":\"Our Reporter\"},\"url\":\"https:\/\/pointblanknews.com\/pbn\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu - Pointblank News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/","og_locale":"en_US","og_type":"article","og_title":"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu - Pointblank News","og_description":"By Tracy Moses The Deputy Speaker of\u00a0 House of Representatives, Benjamin Kalu on Monday described the Petroleum Industry Act (PIA) as a transformative force in the country\u2019s oil and gas…","og_url":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/","og_site_name":"Pointblank News","article_published_time":"2025-07-14T17:15:10+00:00","og_image":[{"width":800,"height":589,"url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg","type":"image\/jpeg"}],"author":"Our Reporter","twitter_misc":{"Written by":"Our Reporter","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#article","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/"},"author":{"name":"Our Reporter","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"headline":"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu","datePublished":"2025-07-14T17:15:10+00:00","mainEntityOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/"},"wordCount":842,"commentCount":0,"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg","articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/","url":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/","name":"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu - Pointblank News","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/#website"},"primaryImageOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#primaryimage"},"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg","datePublished":"2025-07-14T17:15:10+00:00","author":{"@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"breadcrumb":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#primaryimage","url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg","contentUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/08\/Benjamin-Kalu-1.jpeg","width":800,"height":589},{"@type":"BreadcrumbList","@id":"https:\/\/pointblanknews.com\/pbn\/news\/pia-attracts-16bn-investment-drives-sector-growth-says-kalu\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/pointblanknews.com\/pbn\/"},{"@type":"ListItem","position":2,"name":"PIA Attracts $16bn Investment, Drives Sector Growth Says Kalu"}]},{"@type":"WebSite","@id":"https:\/\/pointblanknews.com\/pbn\/#website","url":"https:\/\/pointblanknews.com\/pbn\/","name":"Pointblank News","description":"Just the news","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c","name":"Our Reporter","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","caption":"Our Reporter"},"url":"https:\/\/pointblanknews.com\/pbn\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/120628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/comments?post=120628"}],"version-history":[{"count":1,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/120628\/revisions"}],"predecessor-version":[{"id":120629,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/120628\/revisions\/120629"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media\/107168"}],"wp:attachment":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media?parent=120628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/categories?post=120628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/tags?post=120628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}