By Kunle Kalejaye & Ediri Ejoh

The Petroleum Industry Bill, PIB, currently on the floor of the National Assemble, has received knocks from International Oil Companies, IOC, and Nigeria Oil Companies, NOC.

The bodies said the bill would not meet Federal Government’s aspiration in the oil and gas sector.

The position taken by IOC contradicts widely-held belief that the PIB is tilted very much in favour of the international oil companies, who, for decades had dictated the tone of the industry operations.

Shell Group had earlier declared that the draft Bill, before the National Assembly, was not only lopsided, but will also frustrate current investments in Nigeria’s oil and gas industry and impede on the ability to meet set targets on power generation.

MD/CEO, ExxonMobil Nigeria, Mr. Mark Ward, said significant amendment needed to be done on the bill.