Minister of State for Petroleum, Timpre Sylva said that reviewing the petroleum Industry Act to meet current economic realities in the sector has become imperative as the country must boost investments and production in the oil industry.
The dragging of the PIB has discouraged investments in the sector, thereby leading to stagnation of the Nation’s oil reserves at 37.5 billion barrels.
According to the Minister, oil reserves increased from 22billion barrels in 1999 to 37billion barrels in 2007, only 500 million barrels were added to it between 2007 and 2019 due to lack of additional investments arising from none passage of the Petroleum Industry Bill.
