May 30, 2024
NIGERIA: Oil exploration drops by 150% as stakeholders call for passage of PIB
– By Alison Godswill

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NIGERIA: Oil exploration drops by 150% as stakeholders call for passage of PIB

 

Oil exploration has dropped by 150 percent in Nigeria in the past year, thus causing stakeholders to make case for immediate passage of the Petroleum Industry Bill, PIB into law.
In its latest report obtained by The Daily, http://www.thedaily-ng.com, the Organisation of Petroleum Exporting Countries, OPEC, showed that the rig count, a major index of measuring activities in the industry, stood at six in January 2020, indicating a drop of 100 percent when compared to 15, recorded in the corresponding period of 2019.
This means that investors, including the International Oil Companies, IOCs, and their indigenous companies have not invested much in exploration, required to make new oil finds.
Recently, the Minister of State for Petroleum Resources, Timipre Sylva, had promised that the PIB would be passed into law in April 2021, barely two months away.

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