• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 min "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 4 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 1 day Did China cherry-pick the factors that affected the economic slow-down?
  • 3 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 7 hours Are you aware of Oil Price short videos on our energy topics?
  • 12 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 14 hours NordStream2
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 410 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Nord Stream - US/German consultations

Nigeria May Finally Approve New Oil Bill After 2 Decades Of Work

Africa's largest oil producer and exporter, Nigeria, is expected to pass its new petroleum bill—twenty years in the making—as early as Wednesday, despite last-minute amendments that have created some controversy.

The country's petroleum industry bill was submitted at the Senate at the end of last month.

The Petroleum Industry Bill (PIB) has been two decades in the making to overhaul the way Nigeria will share its oil resources with international oil companies and aim to attract new investment in oil and gas.

Community leaders in Nigeria's oil-rich regions want changes to the latest version of the bill, asking for a larger share of revenues for the community.

According to an analysis by Reuters, the lawmakers in Nigeria could give their final approval to the bill as early as on Wednesday, although some debate had arisen due to provisions the Senate has added in recent days.

One of them includes giving refiners licenses to import crude linked to the refining capacity. This could basically give Nigerian billionaire Aliko Dangote a near-monopoly in fuel import licenses because the refinery his Dangote Group is currently building will have a massive capacity of 650,000 barrels per day (bpd).

"It hinders the country's financial and economic progress because it transfers a huge chunk of public wealth to favoured businessmen," the Trade Union Congress of Nigeria said.

The other debatable last-minute provision in the new petroleum bill concerns exploration in northern Nigeria. The bill is creating a fund to back so-called 'frontier' exploration for oil in the northern part of the country. Community leaders in the south, however, think that the financial parameters for exploration in the north are high. According to the Pan Niger Delta Forum, the northern oil exploration fund levels are "provocative" and "wasteful," Reuters notes.

Still, despite the last-minute debates, the passing of the new petroleum bill shouldn't be delayed too much, analysts told Reuters.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News