Nigeria’s Promising Yet Problematic Petroleum Bill

Law360, New York (July 8, 2013, 1:18 PM EDT) -- A petroleum industry bill has created an unprecedented level of discussion for a new piece of legislation in Nigeria. Perhaps the level of interest should not come as a surprise given the extent to which oil and gas revenues contribute to Nigeria’s economy.

Recent figures show that oil sector revenues account for 90 percent of federal government revenues. Added to that, the industry still has great untapped potential. Nigeria, the 10th largest oil producer in the world, has proven reserves of 37 billion barrels; this is...
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