Bloomberg News

Nigeria to Reintroduce Oil Industry Bill to Parliament

November 30, 2011

(Updates with minister’s comment in second paragraph.)

Nov. 30 (Bloomberg) -- The Nigerian government will send a proposed law to regulate the country’s oil and gas industry to the parliament a second time after a previous bill stalled, Petroleum Minister Diezani Alison-Madueke said.

“We will re-present the bill to ensure that the right and final version is given,” she said today at a conference in Lagos, the commercial capital. “We expect that we will move more quickly than now.”

The first bill sent to lawmakers in 2008, which sought to give Africa’s top oil producer more control and a greater share of hydrocarbons revenue, was opposed by international energy companies that said its fiscal terms would’ve made investing in the country’s deep-offshore fields unprofitable. Communities in the Niger River delta, home to the country’s oil industry, also criticized the bill for not addressing their demands.

Royal Dutch Shell Plc, Exxon Mobil Corp., Chevron Corp., Total SA and Eni SpA run joint ventures with state-owned Nigerian National Petroleum Corp. that pump most of the country’s oil.

--Editors: Dulue Mbachu, Emily Bowers

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus