Nigeria joined the league of oil and gas-producing countries in 1956 after oil was discovered in commercial quantity in the present-day Oloibiri in Bayelsa State, Nigeria.
Notwithstanding the demand for gas both for power and household consumption, stakeholders have expressed worry that an unfavourable fiscal regime might stall the realisation of projects .
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(FILES) This file photo taken on May 18, 2005 (FILES) shows Shell Oil’s oil and gas terminal on Bonny Island in southern Nigeria’s Niger Delta. – Nigeria’s parliament on July 1, 2021 voted to approve a long-delayed oil and gas law that aims to attract new foreign investment to the OPEC country’s petroleum industry.The Petroleum Industry Bill or PIB had been under review in the National Assembly for nearly two decades, beset by disagreements, including over how much revenue should go to local communities in oil-producing regions. (Photo by Pius Utomi EKPEI / AFP)
The Pan-Niger Delta Forum (PANDEF), yesterday, demanded a reversal of the Petroleum Industry Bill (PIB) as passed by the National Assembly in which the lawmakers reduced host communities’ operating expenditure from five per cent to three per cent.