Shell calls for speedy passage of PIB
The Royal Dutch Shell Plc, multinational Oil & Gas Company, has urged the government to expedite action in the passage of the Petroleum Industry Bill (PIB) as it is critical to the development of the industry.
Speaking on the need to conclude every legal framework on the bill soon, the Managing Director at Shell Nigeria Exploration and Production Co., Bayo Ojulari, said: “For every month and every week that we delay, the investment fund is moving somewhere else. We’ve got the commitment that it will come up in June. We’ve heard that before and we are waiting to see.”
He added that “It’s important to pass the PIB, but all of us collectively need to think about how we implement it to ensure that the energy transition does not make the PIB obsolete the day it’s passed.”
The PIB was first presented in Nigeria’s parliament in 2008 with the intention that it would help to streamline how energy assets in Africa’s largest oil producer are operated and funded.
It is also expected to regulate the oil industry and attract more investment to the sector.
Senate President Ahmad Lawan said that he expects the bill to be passed this month.
The Bill had been delayed by political interferences and objections from international oil companies that say the government is demanding an excessive increase in revenues.
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