The Petroleum Industry Bill (PIB) has been said to be central to deepwater offshore exploration and production activity in Nigeria.
This was stated by the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), Chike Onyejekwe, at the opening of a 3-day 16th edition of the Offshore West Africa Conference and Exhibition (OWA) holding at the International Conference Centre, Abuja.
Onyejekwe said: “I believe the Petroleum Industry Bill (PIB) is central to Nigeria and in particular to deepwater offshore exploration and production activity. Recent events suggest that the government is about to redouble efforts at getting the PIB passed. This is good news.”
He noted that an investment friendly bill would enable substantial long term investment in the industry. “I know that getting the PIB right, as well as effective coordination, will hold immense and enduring benefits for Nigeria, the oil and gas industry and of course Shell, “he said.
He explained that investors did not like uncertainties, noting that they were comfortable with stable terms and conditions, particularly in the energy sector where project lead times were sometimes ten years long and facilities operate for decades.