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Delay Of PIB Stalls Major Investments In Oil Sector In 5 Years

Former presidential adviser on petroleum matters, Dr Emmanuel Egbogah, has stated that there has been no tangible investment in the nation’s petroleum sector in the past five years as a result of uncertainties trailing the non-passage of the Petroleum Industry Bill (PIB) by the National Assembly.

He made the disclosure yesterday at the Abuja Petroleum Round-table (ARB). He pointed out that the legislators are yet to fully recognize the opportunity the PIB will present.

Egbogah said that the bill is meant to strengthen investments in the industry, adding that every conversant observer of the industry would have noticed that investments have been put on hold for about five to six years over the delayed passage of the new bill to regulate the oil and gas industry.

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