Story by Samuel Ibiyemi
The Petroleum Products Pricing Regulatory Agency (PPPRA)on Saturday announced that it would commence a comprehensive audit and survey of the country’s downstream oil and gas logistic facilities.
It said the audit was to assess the state and adequacy of the facilities, adding that it would help in identifying the infrastructure gap in the sector.
The agency noted that the state of infrastructure in the downstream oil and gas sector was a reflection of profitability, proficiency or otherwise of the market.
“It is for this reason that we will commence a comprehensive audit and survey of downstream oil and gas logistic facilities with a view to assessing their state, adequacy and identify the infrastructure gap in the sector,” the agency said in a statement signed by its Executive Secretary, Abdulkadir Saidu.
The PPPRA said it recognised that the state of infrastructure in the downstream sector required constant assessment to ensure uninterrupted supply of products in addition to providing up-to-date data for industrial operations.
“Oil and gas processing, storage and distribution facilities, jetties downstream and pipelines, retail outlets for oil and gas, among others will be the focus of the survey,” the agency stated.
It said the survey equally aimed at assessing the impact of government policy and regulation on the sector’s operating environment and viability, with a view to addressing identified loopholes.
It stated that the exercise, which is expected to commence in the second half of 2019, had been a long-awaited exercise by operators and other stakeholders, and that the outcome is expected to contribute to policy formulation and impact on investments and decision-making by investors.
“All oil and gas depot owners, marketers, retail outlets and LPG plant owners are stakeholders in this exercise,” the PPPRA stated.