Pioneer Chief Executive Officer of Seplat Energy, Mr Austin Avuru, has alleged that those who cut corners find it easier to get regulatory approval than those who obey the country’s laws in the oil and gas industry.
Avuru noted that while regulatory effectiveness was critical, in Nigeria, operators get punished for doing the right thing.
He explained that a fair industry regulator encourages a free-market economy as it supports fair competition, rewards efficiency, punishes bad and illegal practices and generally promotes value creation.