Lagos—Nigerian oil production will fall by 25%, or 500,000 b/d, by 2022 if the country’s parliament goes ahead and passes into law a landmark energy bill in its present form, foreign oil companies operating in the country have warned. Nigeria also risks losing out on a potential $25 billion worth of investment in natural gas projects if the government retains the current fiscal terms contained in the draft bill, the companies, under the umbrella body Oil Producers Trade Section (OPTS), said in a position paper on the Petroleum Industry Bill (PIB).
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