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SSY News
 NIGERIA: OIL BILL LEADS TO CONCERN OVER FUTURE DEVELOPMENT |
23-02-2010 |
A number of oil majors have expressed concerns that Nigeria’s proposed Petroleum Industry Bill (PIB) could threaten future investment in the country’s oil industry, in particular the development of deep water fields, Reuters reports. The bill, which is currently making its way through the National Assembly, would allow the government to renegotiate existing contracts, reassert control over unexplored areas and increase the costs of oil companies. As part of the reform, the Nigerian National Petroleum Corp. (NNPC) would also be split up into smaller profit-driven units. A number of oil majors argue that the bill in its current form would make it difficult to develop new reserves, especially offshore. This is the sector seen by many as critical to the country’s future production growth, not least because of the ongoing attacks on infrastructure in the Niger Delta.
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