Nigeria has passed its Petroleum Industry Act (PIA), marking a major step in the country’s push to become more attractive as a destination.
The Nigerian Senate and House of Representatives have passed the Petroleum Industry Bill (PIB) in a bid to draw in more investment, from foreign and domestic sources.
Foreign investors have become increasingly concerned about Tanzania since the election of John Magufuli to the presidency in 2015.
Nigeria has officially launched a marginal field bid round, with the Department of Petroleum Resources (DPR) saying 57 fields are available.
While the big goal of tackling its sclerotic oil industry is still languishing, Nigeria has been racking up progress in its gas sector.
Angolan production has continued to decline, falling to 1.284 million barrels per day in November, making the government’s efforts to overhaul its energy sector and attract new investment ever more important.