Seplat Energy Plc, Nigeria’s biggest oil and gas exploration and production company said it hopes passage of the country’s long-awaited Petroleum Industry Bill by lawmakers will spur investment into the country’s petroleum industry.
“The PIB in place gives everyone the visibility of what the new roles are, so we’re excited,” CEO Roger Brown said in an interview in Lagos. “People know what the rules are and can invest more.”
The bill, which took about two decades of deliberation, is expected to remove legal and regulatory uncertainty that’s held back the growth of the oil and gas sector once it gets signed into law by Nigeria’s President Muhammadu Buhari.
Although, some aspects of the bill are “negative” to the operations of Seplat, on a balance it’s positive to the company’s operations, according to Brown. The governors from the nation’s southern states have demanded a review of some provisions in the legislation including the share of oil revenue that will go to host communities.
As an indigenous oil and gas company, Seplat will continue to invest in Nigeria even without the new law, Rogers said. “What excites me most is that we’ll have stability, and the legislation as passed is key.”
