By Elisha Bala-Gbogbo – Aug 1, 2011 2:49 PM GMT+0100
Nigerias oil and gas reserves are declining at as much as 12 percent a year, with production from onshore and shallow-water oil fields having reached their peak, Petroleum Minister Diezani Alison-Madueke said.
Africas largest oil producer plans to boost deep-water production through measures including the passage of a new oil industry law before the end of this year, Alison-Madueke told reporters today in Abuja, the capital. Nigeria needs to take a pragmatic approach in the new legislation to address concerns by international energy companies that the new law will hand too much profit and control to the state, she said.