ExxonMobil seeks investor friendly PIB

Vice President of ExxonMobil Production Company Mr Elijah White has urged Federal Government to ensure that the pending Petroleum Industry Bill (PIB) at the National Assembly would be investor friendly. White gave the advice at the International Conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
The geo-scientist, in his presentation titled “Global Energy Trends and Implications for Nigeria’s Position in the Global Market’’, said that government’s focus on restructuring the industry through the He said that government should ensure that fundamental issues such as funding limitations and operations inefficiencies were addressed.
Nigeria is uniquely challenged by reduced exploration activities, decreasing resource size, tightening of fiscals and uncertain gas terms. Nigeria needs to develop clear regulatory and competitive policies and make plans around a potential scenario where the U.S. and other players from Africa compete for the same export market.
The right balance of government’s incentives and overall enabler will be critical to future competitiveness,’’ he said.