SEO Riders:
– Tony Attah urges Petroleum Industry Act review to reflect digitalisation, AI, and global energy shifts
- – Commends raising contract approval threshold from US\$500k to US\$10 m as a “game-changer.”
- – Highlights over 50% of oil output now from indigenous firms and pipeline security as top priorities.
Tony Attah, Managing Director and Chief Executive Officer of Renaissance Africa Energy Company, has called for a thorough review of the Petroleum Industry Act (PIA) saying, “The Act doesn’t take cognisance of digitalisation, doesn’t recognise AI … it came late even for its time,” during remarks at the 2025 BusinessDay CEO Forum in Lagos. While praising the PIA as a landmark reform, Attah argued that the global energy landscape has transformed drastically during its two-decade gestation, and that Nigeria must align its legal framework with modern realities. Notably, he applauded a new executive order increasing contract approval thresholds from US $500,000 to US $10 million, calling it a “game-changer” for operational agility in the upstream oil and gas sector.
Attah also commended the evolving regulatory environment, noting that indigenous companies now produce over 50% of Nigeria’s crude—a testament to effective local content policies. Looking ahead, he warned that the greater challenge lies not in boosting production but ensuring safe delivery to market. He stressed that pipeline security must be clearly defined in policy to protect infrastructure and guarantee economic returns. Underscoring Renaissance’s role, he said the company’s vision is “Afro-centric,” committed to championing energy security and sustainable industrialisation across Africa.
