Nigeria’s new Petroleum Industry Bill (PIB) will modernize its regulatory environment for the oil and gas industry, reduce uncertainty and open the door for majors to expand their presence in the country. The current global push to cut emissions, however, could still limit future investment in the sector. On July 1, both houses of Nigeria’s National Assembly passed the Petroleum Industry Bill, with markups, and will soon begin talks on merging their respective bills in order to send a unified text to President Muhammadu Buhari. The bill is the culmination of a nearly 15-year process to reform Nigeria’s oil and gas sector that has been bogged down by political infighting over contentious issues like revenue sharing. Buhari vetoed a version of the reforms in 2018 before submitting a new proposal, which formed the basis of the current version. ...
