ABUJA (Reuters) – Nigeria’s long-awaited oil law, when it finally comes, looks likely to be a botched job that gives favorable tax terms to foreign oil firms while doing little to satisfy calls for transparency and reform of a corrupt and wasteful sector. A new draft of the long-awaited Petroleum Industry Bill (PIB) is close to being finalized, potentially ending years of uncertainty that has blocked billions of dollars of investment. Licensing rounds, contract renewals and investment have been put on hold for five years pending the new bill to regulate Africa’s top oil and gas industry. …
View original post here: Analysis: Nigeria oil bill waters down its reforms
