Presently, the International oil companies (IOCs) operating in Nigeria are holding off on the divestment of their onshore assets until after the passage of the proposed Petroleum Industry Bill (PIB) which amongst other things governs the fiscal terms of the petroleum industry. In addition to the foregoing, the expiration of some of the joint venture onshore assets in 2019 is also one of the factors to be considered by the IOCs in making a decision as to whether or not to dispose their assets. Thus, where the fiscal terms of the PIB (when eventually passed) does not favour the IOCs, there is the tendency that more assets would be divested by the IOCs.
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