The Federal Government, through the Minister of Petroleum and Natural Resources, has been advised to make informed decisions that are not hurried and in alignment with the full provisions of the Petroleum Industry Act. 

Dr. Wisdom Enang, an oil and gas analyst, made this point while providing his perspective on the recent reversal of Seplat Energy's acquisition of Mobil Producing Nigeria's shares and assets. Forty-eight hours after, President Muhammadu Buhari, GCFR, who doubles as Minister of Petroleum and Natural Resources, approved the transaction.

According to him, there was a clear need to align the proper protocols for implementing the Petroleum Industry Act, PIA, as it concerns oil and gas transactions in the country. 

In the case of the recent development around the proposed acquisition of Mobil Producing Nigeria by Seplat Energy, he observed a communication protocol breach between the Nigerian Upstream Petroleum Regulatory Commission, NUPRC and the Minister of Petroleum and Natural Resources, which provided a lot of speculations.

He emphasized the need to align the proper protocols for implementing the Petroleum Industry Act as it concerns oil and gas transactions in the country. 

"On the decision to reverse the acquisition of Mobil Producing Nigeria by Seplat Energy, I support informed and not rushed decisions. Let the process be clear and the argument logical," He noted.

The expert believed this SEPLAT-Mobil Nigeria development was a big test for the country's efficacy and operability of the current Petroleum Industry Act. 

He added that the outcome of the decision would set a precedence that will guide the actions of Major Oil and Gas companies in the country, as it has to do with divestments of their operations.

Speaking further, he stated, "There are several Oil and Gas companies operating under the 1969 petroleum act that need to migrate to the PIA. This critical aspect needs to be revisited for clarity in the industry."

He stressed that the PIA, which he believed was better legislation for the Oil and Gas industry than the previous ones, should set straight the records on driving efficiency in the oil and gas sector.

Looking at the decision by the President, who also serves as the Minister of Petroleum Resources, he believed that the Nigerian leader was conscious of the nation's interest and lauded the move to ensure that the regulator and all stakeholders should meet and resolve all outstanding issues.

Last week President Muhammadu Buhari, GCFR, as Minister of Petroleum Resources, approved the acquisition of the shares and assets of Mobil Producing Nigeria. 

Following the opposition to the decision by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), the President, through his spokesman Mallam Garba Shehu, reversed the decision stating, "It has become clear that the various agencies involved in the decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported,"

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