VIEWS: 25 PAGES: 21 CATEGORY: Energy POSTED ON: 8/16/2010
Nigeria’s New Petroleum Industry Bill: A Move to Revive the Domestic Oil and Gas Industry
Nigeria’s proposed Petroleum Industry Bill is expected to revive the entire oil and gas industry in the country. Considering the importance of Nigeria in the global oil and gas industry and also the country’s crumbling oil and gas industry at the hands of militant activity, the bill has huge expectations attached with it. The PIB is expected to restructure the oil and gas industry in the country and provides incentives to the indigenous oil industry. On the other hand with higher taxes and royalties in the proposed bill the fiscal terms for the international oil companies have been made tougher. Whether the PIB will succeed in halting the domestic unrest and at the same time strengthen Nigeria’s position at the international market still remains to be seen. Nevertheless, on paper, the bill provides a platform for a steady growth of the Nigerian oil and gas industry.
- Coverage of the petroleum industry in Nigeria
- Analysis of policies and government initiatives and their effect on the petroleum industry in Nigeria
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Nigeria’s New Petroleum Industry Bill: A Move to Revive the Domestic Oil and Gas Industry Reference Code: GDGE0613VPT Publication Date: AUG 2009 Energy Viewpoint GDGE0613VPT / Published AUG 2009 © GlobalData. This brief is a licensed product and is not to be photocopied Source: www.energyetrack.com Page 1 Table of Contents 1 Table of Contents 1 Table of Contents 2 1.1 List of Figures 4 2 GlobalData Viewpoint 5 2.1 Summary 5 3 Nigeria’s New Petroleum Industry Bill: A Move to Revive the Domestic Oil and Gas Industry 6 3.1 The Ailing Oil and Gas Industry in Nigeria Necessitated the Need for Overall Policy Change 7 3.2 PIB Will Help to Restructure the Regulatory Framework and the Fiscal System of the Oil and Gas Industry 7 3.2.1 Restructuring of the Institutional and Regulatory Framework 7 3.2.2 The Proposed Change in the Fiscal System in Order to Increase the Government’s Revenue 9 3.3 The Bill Aims To Develop the Domestic Oil and Gas Industry by Increasing the Role of Domestic Producers 9 3.3.1 The Bill Provides Additional Incentives to the Domestic Oil and Gas Producers 9 3.3.2 PIB Addresses the Need to Increase the Local Participation in Country’s Oil and Gas Industry 10 3.3.3 PIB Tries to Give a Boost to the Natural Gas Industry in Nigeria 10 3.4 The Bill May Hamper International Oil Companies’ Investments in the Country 10 4 Recent Developments 12 4.1 Jul 30, 2009: Nigerian Oil-Producing States Reject Petroleum Industry Bill 12 4.2 Jul 28, 2009: Nigeria Loses $47 Billion Due To Shut-In Of SPDC Output 12 4.3 Jul 16, 2009: Nigeria's C
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