Nigeria’s Oil exploration falls by 150%

Nigeria’s oil exploration has dropped by 150 percent in the past year, as a result of delay in the passage of the nation’s Petroleum Industry Bill(PIB) into law.
The PIB, currently before the National Assembly is targeted at restructuring the industry as well as putting in place competitive legislation, and encouraging investment in the oil and gas industry.
But a close look at a copy of the Organisation of Petroleum Exporting Countries( OPEC) February 2021 report, indicated that the rig count, a major platform of measuring activities in the industry, remained at six in January 2020, indicating a drop of 150 percent when compared to 15, recorded in the corresponding period of 2019.
The development indicates that operators have not invested much in exploration, which could have resulted in the making of additional oil and gas finds, reserves, and production capacity, just as the nation’s oil reserves remain unchanged at 37 billion barrels per day, against the 40 billion barrels target by 2025.
Meanwhile, Minister of State for Petroleum Resources, Timipre Sylva, had recently promised that the PIB would be passed in April 2021, barely two months away to enable the government to achieve set objectives, including attracting new local and investments into the industry.
The Speaker of the House of Representatives, Femi Gbajabiamila, had also announced that the bill would be passed in April 2021, adding that consultations on the bill will transcend the public hearing.