Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Wednesday, July 28, 2021
Home Uncategorized Delay PIB passage: Nigeria loses $30bn investments-Expert

Delay PIB passage: Nigeria loses $30bn investments-Expert

- Advertisement -

A financial expert, Mr Pedro Omontuemhen, has said that with the delay in the passage of the Petroleum Industry Bill (PIB), Nigeria has suffered a loss of over $30 billion investments in the oil and gas sector .

Omontuemhen, a Partner with PricewaterhouseCoopers, spoke on Monday at the Pre-Conference Workshop held ahead of the 38th Annual International Conference of the National Association of Petroleum Explorationists (NAPE).

With the theme; Levers for Optimal Cost Reduction in Nigeria’s Oil and Gas Production: Positioning for the New Normal, Omontuemhen said that the PIB, currently before the National Assembly as an Executive Bill,  had suffered delay for almost 20 years, which had led to uncertainties in the petroleum industry.

“Investment in the oil and gas sector has reduced and Nigeria has lost about $30 billion investments due to the uncertainties in the regulatory environment.As a country, we need to urgently pass the PIB into law so that we can attract Foreign Direct Investment to the oil and gas industry, ” Omontuemhen said.

He, however warned that the PIB would face challenges despite the assurance given by the legislature and the executive on its quick passage.

According to him, opposition to the bill may likely come from Niger Delta governors who have expressed dissatisfaction with the alleged freedom given to Zamfara State to manage its Gold resources.

Also, Mr Roger Brown, Chief Executive Officer, Seplat Petroleum Development Company Plc,  said the COVID-19 pandemic had made it imperative for the oil and gas companies to develop innovative ways of survival.

Brown said these include reduction in cost of crude oil production to $10 per barrel, capital efficiency, utilisation of technology and strategic partnership among companies.

He also called on the government to look for further ways of supporting indigenous companies in the sector and create a conducive operating environment.

Earlier, Mr Alex Tarka, President, NAPE, said the Nigerian economy lost billions of dollars to the lockdown necessitated by the COVID-19 pandemic and crash in the price of crude oil.

Tarka said Nigeria should therefore brace up for the impact of the second wave of Coronavirus on its economy as some countries had introduced fresh lockdown measures to contain the disease.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Electricity generation from Egbin plant hits 883MW, loses N13.68bn to gas, grid constraints

  BY KAYODE EKUNDAYO Electricity generation from Egbin Power Plant has risen to 883MW as another 175MW unable to be utilized due to external constraints with...

Russia writes OPEC, restates commitment to cooperation

Russia has reaffirmed its commitment to the development of the constructive cooperation with the Organisation of Petroleum Exporting Countries (OPEC) both within the framework...

Oriental Energy Resources Announce Mustafa Indimi New Managing Director

Mustafa Indimi has been appointed the new Managing Director of Oriental Energy Resources Limited, a leading indigenous oil exploration and production company in Nigeria....

Shareholder protection is our priority- Lekoil Nigeria CEO

The Chief Executive Officer of Lekoil Nigeria Limited, Mr. Lekan Akinyanmi, has disclosed that the protection and growth of shareholder value remain priority in...

Recent Comments