Petroleum Minister Sylva says the Act will also boost oil reserves from 37 billion barrels to 40 billion barrels. The Petroleum Industry Act (PIA) will assist Nigeria in increasing its oil production to 4 million barrels per day, the Minister of State for Petroleum Resources, Timipre Sylva, has said. That is an increase of over 310 per cent when compared to the 1.2 million barrels per day the country currently produces. According to him, the Act will also boost oil reserves from 37 billion barrels to 40 billion barrels, while also drawing on the country’s estimated 600 trillion cubic feet of natural gas reserves to provide clean and efficient energy. Mr. Sylva, speaking at the Seplat energy summit themed “Global Trends In Energy Transition”, said the new law has enhanced the Nigerian petroleum industry’s reputation, provided the pathway to new investments, and consolidated Nigeria’s ability to play a significant […]