Minister of State for Petroleum Resources Timipre Sylva, has said that the passage of the Petroleum Industry Bill into law will significantly boost Nigeria’s potential to achieve its oil production to four million barrels per day.
In addition, he said the passage of the PIA will also boost the nation’s oil reserves from 37 billion barrels to 40 billion barrels.
“The PIA 2021 will undoubtedly assist in harnessing Nigeria’s potential to achieve its oil production to four million barrels per day and oil reserves from 37 billion barrels to 40 billion barrels while also drawing on the country’s estimated 600 cubic ft of natural gas to provide clean and efficient energy,” Mr Sylva said on Thursday at the SEPLAT Energy Summit which held in Abuja with the theme, ‘Global Trends In Energy Transition.’
According to the minister, the new law has “enhanced the Nigerian Petroleum Industry’s reputation, provided the pathway to new investments and consolidates our ability to play a significant role in meeting the world’s growing demand for energy”.
President Buhari signed the bill into law on August 16. It replaces the Petroleum Act of 1969.
