Of PIB and increase in crude oil reserve base

Business Day

3 March 2011

Of PIB and increase in crude oil reserve base

The problem of non-passage of the Petroleum Industry Bill (PIB) and unresolved issues raised by the international oil companies concerning the bill would continue to hunt the nation's oil and gas industry and by extension, the economy, for a long time.

For more than three years, the bill has been at the National Assembly with the legislators telling Nigerians that it will soon be passed.

BusinessDay gathered that owing to the delay in passing the bill, over $40 billion has been lost in terms of investment. Angola is now a destination for investment in oil and gas instead of Nigeria.