Oil and Gas

Experts expect redrafting of PIB with new administration

International oil experts expect to see a redrafting of the Petroleum Industry Bill (PIB) by the new government of Muhammadu Buhari because the current bill is heavily skewed against the Northern part of the country, Daily Trust reports.

Oil analysts Eklavya Gupte, Francesco Di Salvo and Robert Beaman, say the controversial Bill, poses many challenges and opportunities going forward for Buhari’s government.

Speaking on a Platt’s oil market podcast, Eklavya Gupte said, “From the traders and analysts I have spoken to on the PIB, there is a consensus that there might be a redrafting of the whole bill”.

“I think what is interesting is that at the moment, the current bill does favour the South of the country where all of the oil comes from but now with the new government we expect to see a redrafting of the bill.”

It is instructive to note that the PIB was redrafted in 2012 and has been delayed in the National Assembly for close to a decade.

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