Long overdue government legislation must come into place in Nigeria if the country hopes to reform its oil industry to make it more accessible for international players and win back investment. The Nigerian Senate is expected to finally pass legislation known as the Petroleum Industry Bill (PIB), originally presented in 2008, to change how energy assets are operated and funded following pressure from Royal Dutch Shell Plc’s oil-drilling unit. Bayo Ojulari, managing director at Shell (-5.26%) Nigeria Exploration and Production Co. explained that “For every month and every week that we delay, the investment fund is moving somewhere else,” further, “We’ve got the commitment that it will come up in June. We’ve heard that before and we are waiting to see.” Africa’s biggest oil-producing country, with an estimated 37 billion barrels of oil , has been criticized for failing to pass the PIB for so long, leaving international companies […]