GACN’s revised mandate in accordance with the Petroleum Industry Act (“PIA”) and the Ministerial Directive from the Honourable Minister of State for Petroleum Resources, requires, amongst others, the dissolution and re-registration of GACN from “limited by shares” to “limited by guarantee” based on a revised mandate, ownership and Board composition. In line with this, a meeting was convened as the first meeting of the Promoters of the soon to be established successor company, to bring all stakeholders in alignment on the next steps for the re-registration of the current GACN in compliance with the PIA and the Ministerial Directive on GACN’s mandate and structure.
The meeting was held on 19th January 2023 at Transcorp Hilton, Maitama, Abuja and was well attended with representatives from across the gas value chain, i.e. upstream (comprising of both international and national oil and gas companies), midstream and downstream players.
Participants were provided with a comprehensive description of the initiatives currently being undertaken by GACN and were guided on further gas-related opportunities across the value chain – upstream, midstream, and downstream with an emphasis on the transition from the existing GACN to the successor company in line with its revised mandate, while aligning on steps to achieving the objectives of the PIA and the Ministerial Directive.
The meeting concluded with participants expressing their enthusiasm to collaboratively achieve the objectives of the PIA as it relates to the successor company to GACN.