Nigeria: Investors Scramble for Oil, Gas Projects Over Imminent PIB Passage

17 July 2012

Approval of the newly-drafted Petroleum Industry Bill (PIB) by the Federal Government and hope of its speedy passage by the National Assembly have rekindled investors' confidence in the Nigerian Oil and Gas sector, a source at the Petroleum Ministry told THISDAY at the weekend.

Activities in the sector have been at very low ebb since 2009 due to delay in the PIB passage. Former Chairman, Senate Committee (Upstream), Lee Maeba disclosed last year that the industry had lost in excess of $28 billion in investments.

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