Oil Expert Urges Nigerian Parliament To Pass Petroleum Industry Bill

Oil Expert Urges Nigerian Parliament To Pass Petroleum Industry Bill

An oil expert in Nigeria , Mr Simpson Badru, has appealed to members of the National Assembly to pass the Petroleum Industry Bill (PIB) before the expiration of their tenure.

Badru, Managing Director of Oil Drips Nig. Ltd., made the plea in Lagos . 

He said that delay in the passage of the bill was adversely affecting operations of many International Oil Companies (IOCs) and local oil operators.

Badru urged the IOCs to cooperate with the National Assembly to resolve the contentious areas for quick passage of the bill into law.

“It is for the IOCs and the government to identify the key areas of disagreement and look for a mechanism that will be acceptable to all stakeholders,'' he said.

The oil expert also implored the IOCs to agree with the government on a fiscal regime that would give Nigeria some gains in view of the rising oil prices in the international market.

 “The international oil companies have their local collaborators who currently benefit from the status quo. They do not want any reform that will take away their pecuniary benefits from the oil and gas sector,'' he said.

NAN/Margaret/Elewodalu