Energy
Shell opposes composition of new PIB
THE Royal Dutch Shell Plc has said the composition of the new Petroleum Industry Bill, if passed could take a huge toll on its operations in the country.
It stated this in its annual report for the year ended December 31, 2015 which was released recently. Shell said, “In our Nigerian operations, we faced various risks and adverse conditions, which could have material adverse effects on our operational performance, earnings, cash flows and financial condition.
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According to Shell, some of the contents like security issues surrounding the safety of our people, host communities and operations; sabotage and theft; ability to enforce existing contractual rights; litigation; and limited infrastructure would be difficult to implement because of the prevailing circumstances in the country.
The Petroleum Industry bill which seeks to overhaul the Nigerian oil and gas industry has been in the works since 2008 when it was introduced at the national Assembly. The bill has suffered several setbacks in the 6th and 7th National Assembly, and it is expected to be re-packaged and submitted to the 8th National Assembly for passage.
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