Non-passage of PIB delays billion dollars investments in Nigeria, oil companies say

International Oil Companies, IOCs, on Wednesday said the continued delay in passing the Petroleum Industry Bill, PIB, into law is creating uncertainties. The uncertainties delay the take-off of fresh projects worth several billion of dollars that would grow industry capacity and reserves.

The Country Chair of Shell Companies in Nigeria, SCiN, Mutiu Sunmonu, said its upstream exploration and production arm, Shell Petroleum Development Company, SPDC, has put on hold investment decisions on two key offshore oil and gas projects that would have cost about $30billion till when the new petroleum law is approved. Read more

About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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