Dr. Baru noted that the long delay in the passage of the PIB had led to uncertainty in the fiscal terms, while the recent move by the National Assembly to amend the NLNG Act had also dampened the optimism of investors in the industry.
Browsing: Petroleum Industry Bill
“Other lapses include inefficient system of financial management; poor metering infrastructure and grossly inefficient measurement system for crude oil production accounting. Besides, there is no clear basis for determining production volumes for royalty purposes and reliable fiscal regime.”
“We are looking quite frankly to draw on the relationship that President Buhari has built over time. We are going to be conducting oil blocks allocations and marginal field awards to try and raise money for the government,” he added.
According to him, “We are going to firm up long-term markets, we must stop the year-to-year crude terms contracts and gas sales. We have to go to the long-term markets that is what everybody in the world is doing.”
“We are looking quite frankly to draw on the relationship that the president has built over time. We are going to be conducting oil blocks allocations and marginal flow awards to try and raise money for the government,” he added.
06 December 2016, Abuja -The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said the federal government has…
The minister, according to the statement thanked the National Assembly for supporting the government’s introduction of the price modulation template in May 2016 which he added led to the disappearance of fuel queues in the country.
29 November 2016, Lagos – Fitch Ratings, a global credit rating agency, has expressed doubt over Nigeria’s multi-billion dollar crude-for-loans…
20 November 2016, Lagos – Nigeria needs at least $14 billion a year in new investment over the next five…
29 September 2016, Lagos – The Africa Network for Environment and Economic Justice has said the plan by the National Assembly…