NNPC’s new Group Managing Director, Mr. Andy Yakubu announced that Nigeria’s oil production has increased from 2.4 million barrels per day to 2.7 million barrels per day. This was primarily attributed to the improving security situation in the Niger Delta Area. The Punch newspaper report can be found here.
Alison-Madueke – Petroleum Industry Bill will boost output by attracting foreign investment
Nigeria’s Petroleum Minister, Mrs Diezani Alison-Madueke is reported by Bloomberg commending the potential benefits of the PIB for investment in the Nigerian oil and gas industry. According to Alison-Madueke, the PIB is designed to create “a fair balance between small and big operators in the same terrain.” The Minister’s comments are likely to refer to the provisions for Production Allowances in Schedule 5 of the PETROLEUM INDUSTRY BILL 2012, which give producers an allowance in accordance with their levels of production. As an example, under those provisions, small oil producers in onshore areas that produce less than 27,300 barrels of oil per day would be entitled to oil production allowances of the lower of US$ 30 per barrel or 30% of the official selling price.
The Guardian on the proposed DPRA
Collins Olayinka of The Guardian writes here on the proposed changes to PPPRA, including the change of name and the exclusion of non-professionals on its board under the PETROLEUM INDUSTRY BILL 2012.
British minister endorses PIB
Henry Bellingham, the British Minister for Africa is quoted in the Guardian lauding the Petroleum Industry Bill as good for foreign investment into the Nigerian oil and gas industry.
The Nation on the need to fast track the passage of the PIB
Ifeanyi Nwabugu of the Nation writes on the importance of the Petroleum Industry Bill and the need to fast track its passage here.
Unresolved Issues in the PIB – All Africa Global Media
Adisa Adeleye’s analysis of some issues which the National Assembly needs to consider in the PETROLEUM INDUSTRY BILL 2012 can be found here.
FT Special Report on the Nigerian Oil and Gas Industry
The Financial Times has released a new FT Special Report titled Nigeria: Oil and Gas 2012. The report analyses aspects of the PETROLEUM INDUSTRY BILL 2012 as well as other related industry issues such as amnesty, bunkering, gas utilisation and environmental protection.
Businessday – PIB critics outline concerns
Patrick Atuanya and Olusola Bello of Businessday highlight some concerns of “industry sources” on the PETROLEUM INDUSTRY BILL 2012. The paper is highly critical of some aspects of the bill, but is short on facts and independent analysis. You can find the paper here.
Odujinrin & Adefulu’s Energy Practice Team announces the launch of its new website/blog www.petroleumindustrybill.com. The blog will publish up to date information and analysis on the PETROLEUM INDUSTRY BILL 2012 approved by the Federal Executive Council and forwarded to the National Assembly in July 2012.