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Nigeria to Pass Petroleum Industry Bill in 2017 - Minister

10 Jan 2017 5:39 am

By Obafemi Oredein

IBADAN, Nigeria--Nigeria wants to attract more investments in its oil industry and will seek to pass the Petroleum Industry Bill in 2017, Emmanuel Kachikwu, minister of state for petroleum resources, said on Monday.

The bill aims to establish a new regulatory framework and reforms in the oil industry. With the bill stuck in the National Assembly since its introduction in 2008, international oil companies operating in Nigeria have put investments on hold and the country's daily oil production has stagnated.

Mr. Kachikwu also said Nigeria aims to complete oil agreements with China and India, without giving details. He said oil road shows would be conducted in the U.K., the U.S. and the Gulf in 2017 to promote Nigeria's oil and gas industry.

Regarding natural gas, which Nigeria has proven reserves of 188 trillion standard cubic feet, Mr. Kachkwu said the "gas revolution will be key for us."

Write to Obafemi Oredein at realtimedesklondon@dowjones.com

(END) Dow Jones Newswires

January 10, 2017 00:39 ET (05:39 GMT)

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