Nigeria Urgently Needs Its Oil Law Bills Adopted

With recent gas discoveries made in East African countries, Nigeria is no longer the only "darling" of oil and gas. gas as investors continue as an investment destination on the continent. made by a former Director of the Petroleum Resources Department and Senior Consultant to the National Assembly on Petroleum Projects, Osten Olorunsola

Olorunsola spoke at a recent roundtable organized by the Charter of Resources Nigeria's natural resources in collaboration with He said that if Nigeria managed to exceed GDP, the country could become the third largest holder of gas reserves in the world.

According to ThisDAY, he said that only the pbadage and approval of GDP could make Nigeria become a competitive country for gas-based investments, among others.

"Nigeria needs to move more than 1,500 depths to more reagent areas are open.Nigeria can easily become the third largest in the world in terms of gas reserves if we do the necessary exploration work" , Olorunsola said.

According to Olorunsola, until the GDP becomes law, the West African country does not attract the necessary investment. "

Proven Gas Reserves

While Nigeria has been leaning on its petroleum reform law over the last 18 years, it noted that some East African countries have found about 20 Read more: The network Nigeria's electricity loses 3 109 MW due to various constraints

"By 2025, all of Africa may have gas. The countries we were selling with could soon start selling us. We are sitting on generations because we refused to make certain decisions at some point. "Olorunsola pointed out that several other problems such as insufficient gas, inflated oil subsidy, mismanagement of oil revenues, erratic funding of the sector, In conclusion, he revealed that omnibus GDP was split into a bill on the governance of the oil industry, awaiting the presidential sanction; Draft law on the reception of oil and the affected community; Draft Tax Law on the Petroleum Industry (PIFB); and the draft law on the administration of the petroleum industry, which are still in the process of legislative and should be adopted before December 25, 2018.