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The Majors and International Oil Companies, which accounts for about 95% of the total output of Nigeria’s Crude oil production, has faulted the ongoing Petroleum Industry Bill (PIB), which is currently at the National Assembly, Abuja, Nigeria.

The Operators argued that the PIB is both investor unfriendly, uneconomic and it will serve as a stumbling block against the Government’s targets of 4 million BOPD by 2010 of Oil and Gas production output.

In an interactive forum at the Petroleum Club, Ikoyi, in Lagos, Nigeria; the gathering which combs through the Managing Directors of International Oil companies (IOCs), indigenous oil companies, marginal field operators and service sectors condemned the introduction of new taxes including the Nigerian Hydrocarbon Tax (NHT), Company Income Tax (CITA), Niger Delta Development Commission (NDDC) levy , rent on acreages, education tax and penalty for flared gas, which is currently &3.50 per 1000 scf, among others.

They argued that if the Bill is passed into law, in its current state, it will discourage investment, and that it will stifle the Petroleum industry and particularly indigenous players and local content.