Shell Petroleum has expressed fears that uncertainty over planned reforms to its oil and natural gas sector was deterring new investment vital to the industry’s long-term health.
Ann Pickard, head of Shell in Africa, spoke at Abuja at a Stakeholders Roundtable to discuss the Petroleum Industry Bill which passed through first in the Senate on Tuesday 13th January 2009. The second reading has not yet been scheduled
Energy companies are worried that the terms -contained in a petroleum industry bill, which lays down the legal framework for the biggest shake-up of the industry since independence, will cost them billions of dollars in profits.
“We do see that the legislation, the bill, will have a profound impact on the way the industry functions and how the companies move forward,” Ms Pickard told the conference. “Getting it right [is] absolutely essential. Getting it wrong will not be acceptable for Nigeria or the [oil -companies].”