Monday, 25 October 2010

Minister claims 'year-end' completion of bid round and PIB

Minister of Petroleum Resources Diezani Allison-Madueke has insisted that a new oil licensing round will be conducted before the end of this year. She gave this assurance at a meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria, last week. However, she did not comment on the reasons why the bid round she had previously announced would be conducted in August this year was not held as scheduled.

The Petroleum Minister also added that the Petroleum Industry Bill (PIB) will definitely be signed into law before the end of this year, as it was in its final stages at the National Assembly. She also stated that Nigeria's current oil production level is about 1.9 million barrels per day and that there were no plans to request an increase of the country's OPEC production quota.

For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.

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