AfrOil: Pros and cons of PIB

Obo Idornigie, vice-president of sub-Saharan African research for Welligence Energy Analytics, recently discussed the strengths and weaknesses of Nigeria’s Petroleum Industry Bill (PIB) with AfrOil. He praised the legislation for establishing a stronger foundation for the development of Nigeria’s abundant reserves of natural and associated gas, as well as crude oil.

But he also pointed out that the PIB might not make Nigerian deepwater projects more competitive and said the bill did not cover all the bases with respect to improving conditions for the development of gas reserves. Additionally, he suggested that Abuja work to reduce the expenses and time involved in bringing new fields into production.