The non-passage will threaten investments in the nation’s oil and gas sector between 2015 and 2020″ Chairman, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Producers Forum Emmanuel Onourah, , said this on Sunday at a news briefing in Lagos.
He said that the proposed fiscal term was based on $100 per barrel model. According to him, the development would also cause $44 billion reduction in accrueable revenue to the Federal Government in the sector within the period. He explained that this would affect the sector as no deepwater Production Sharing Contract would be viable. Onourah also said the production of gas under the Joint Venture with the government would reduce by 90 per cent
Also, the production of oil under the Joint Venture with Government would reduce by 30 per cent while there would be an overall decline by 25 per cent, he said. Onourah expressed his concerns over the non-passage of the PIB by the 7th National Assembly. He advised the present administration to re-present the bill for accelerated passage.
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Output for Nigeria’s crude oil production for May, increased by 230,900 barrels per day (bpd), according to the monthly oil market report of the Organisation of Petroleum Exporting Countries (OPEC) released earlier this week.

Specifically, the country’s production output, based on direct communication, rose from 1.650 million barrels per day in April to 1.881 million bpd in May.

The country’s crude oil production output for April had earlier increased by 19,000 bpd, while the figure based on secondary sources, put the rise in April at 1.886 bpd from 1.867 bpd recorded in March.

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