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Official silence on PIB hanging fate of 3mbpd, deep pocket oil & gas investors

Revelations from the recently organized one-day workshop by the Nigerian Association of Petroleum Explorationists (NAPE) for oil and gas media professionals in Lagos have shown that drawbacks in the passage of the Petroleum Industry Bill (PIB) are fueling discouragements in the minds of prospective international deep pocket investors.

Besides, the observed official silence so far displayed by the Buhari administration in fine-tuning and delivering PIB join forces with existing unfavourable fiscal and regulatory frameworks, which have been drawing back the target speed of industry investors’ in the nation’s petroleum industry.

Currently, schemes that are under the chains of official inconsistency include but not limited to Bonga South-West and Aparo project (225,000bpd); Bonga North (100,000bpd); Bosi (140,000bpd); Bosi Satellite Field Development Phase 2 (80,000bpd); Ude project (110,000bpd); Zabazaba-Etan project (120,000bpd); and Nsiko project (100,000bpd).

Analysts say if these projects’ were given the deserved legal and regulatory backing vide the passage of PIB, Nigeria’s crude production would rise above 3mbpd and also aid the nation’s competitiveness during low oil price regime.

In his presentation, Principal and Executive Director, Kaptepia Capital, Tosan Omatsola, noted that the identified projects were capable of spurring the economy and generating employment for Nigeria’s teeming youths.

According to him, “Apart from the Niger-Delta operating in one of the sedimentary basins, there are six sedimentary basins that are not explored and the challenge with renewable is still much felt everywhere”.

He therefore urged stakeholders and government officials to give better attention to issues concerning renewable energy sector, saying the next global attention is facing renewable.