Delays to oil sector reform 'damaging'

Pledge: Petroleum Resources Minister Diezani Alison-Madueke

AP

By Barry Morgan London

 03 May 2012 22:59 GMT

Lawmakers tasked with overhauling the long-awaited Petroleum Industry Bill (PIB) designed to reform Nigeria’s oil sector will report their findings by mid-May directly to Petroleum Resources Minister Diezani Alison-Madueke.

Comprising National Assembly representatives from both House and Senate, the so-called PIB technical Sub-Committee has had to re-examine several fiscal issues, according to Madueke, who admitted that protracted delays in passing the new law had led to uncertainty and had dampened investment in the deep offshore.

Addressing an academic audience in the US, Madueke reiterated her predecessors’ aspirations to increase crude reserves from 37.2 billion barrels to 40 billion barrels, and increase output from the current level of about 2 million barrels per day to 4 million bpd.

Former Petroleum Resources Minister Rilwanu…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index