Nigeria is preparing to release a new oil bill that has been in the works for 20 years

The Nigerian Senate is expected to see the country’s petroleum industry bill, a new regulation on the petroleum industry that has taken 20 years to draft, on Tuesday.

The bill is expected to be presented to the Nigerian Senate today, Reuters reported, citing the legislative agenda that saw it.

The Petroleum Industry Bill (PIB) took two decades to revise the way Nigeria plans to share its oil resources with international oil companies and attract new investments in oil and gas.

The Senate could also be an obstacle to the final passage of the long-awaited bill, sources told Reuters.

Community leaders in Nigeria’s oil-rich regions want changes to the latest version of the bill and demand a larger share of the community’s revenue.

Hence, it is not certain that Nigeria will have a new petroleum bill anytime soon that could further alienate international oil companies from Nigerian oil reserves as fossil fuels now compete even fiercerly for big oil’s capital plans as the majors begin shifting more funds to low-wage companies . Carbon energy sources.

Last month, Nigeria’s National Petroleum Corporation announced that it had signed a deal with Bowl, Exxon, total, and Eni to develop an offshore oil block encompassing the deep sea bonga field.

The NNPC noted that the deal marks a historic moment as it settles longstanding disputes between the Nigerian government and international oil companies.

According to the company, the deal could unlock up to $ 10 billion in new investment in the Nigerian oil industry. It could also increase the country’s oil production by 150,000 bpd and bring the block’s total production – Oil Mining Lease 118 – to 350,000 bpd, Bloomberg reports.

Interestingly for Bowl“The deal comes after the beginning of this year,” said CEO Ben van Beurden Bowl sees its upstream oil operations in Nigeria as inconsistent with its strategy to become a net zero energy company.

By Michael Kern for Oil IX

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