Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » ‘Non-passage of PIB is an embarrassment to Nigeria’

    ‘Non-passage of PIB is an embarrassment to Nigeria’

    January 4, 2012
    Share
    Facebook Twitter LinkedIn WhatsApp

    04 January 2012, Sweetcrude, LAGOS – The continued delay in the passage of the Petroleum Industry Bill (PIB) has become an embarrassment to Nigeria, and poses a lot of credibility problem for the government, the Nigerian Association of Petroleum Explorationists, NAPE, has said.

    The policy instability, it further argued has caused a lull in the industry, as investors have become skeptical about the country and waiting for the passage of the bill to determine where to put their money.

    These and more were part of the business and industry assessment made by NAPE, which President, Mr. Afe Mayowa, at a recent interaction with journalists in Lagos, noted that there was also the need to embark on an aggressive policy on reserves addition.

    Also chipping in, the NAPE Vice President, Mr. Seye Fadahunsi, noted that the oil majors have suspended further investments in the industry, pending the passage of the PIB.

    He said the association has made its views known to government on knotty industry and economic issues, adding that NAPE was currently preparing its members to take advantage of the benefits in the bill when passed. “Next year (2012), we will engage in a lot of education of both the executive and the legislature on the need to pass the industry bill.”

    Mayowa also noted that in the renewed thrust in exploration in which there is a serious competition for capital and supply preference, “an all-encompassing enabling environment will be required to ginger renewed exploration activities in major hydrocarbon heartlands and frontier basins.”

    In this regard, he commended the Federal Government for its Amnesty Programme, while pleading for it “to make it all-encompassing and also begin to use this opportunity to create a solid platform for a sustainable development and education of the youth in the Niger Delta.”

    He further argued that government should do more in the area of infrastructure provision especially in the host communities, saying that oil companies were doing their best in this regard and government should complement their efforts.

    Related News

    Seplat Energy earns CIPS Procurement Excellence Standard Certificate 

    IEA says it stands ready to tap emergency oil stocks, OPEC sees no need

    US EPA proposes higher biofuel blending volumes through 2027

    E-book
    Resilience Exhibition

    Latest News

    Tanker drivers suspend loading at Dangote Refinery over dispute

    June 14, 2025

    FG reiterates commitment to port automation

    June 14, 2025

    Seplat Energy earns CIPS Procurement Excellence Standard Certificate 

    June 14, 2025

    Meta signs deal for advanced geothermal power in New Mexico

    June 14, 2025

    IEA says it stands ready to tap emergency oil stocks, OPEC sees no need

    June 14, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.