Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

Nigerian Petroleum Reforms To Be Signed Into Law

Proshare

Tuesday, March 20, 2018 /4:10 PM / / By Zainab Calcuttawala for Oilprice.com 

Nigeria’s long-awaited Petroleum Industry Governance Bill (PIGB) will be signed into law by President Muhammadu Buhari towards the end of March, legislators hope, according to Reuters.

The OPEC nation is Africa’s largest oil producer. In recent years, Angola has been vying to take the top spot, but the alleviation of domestic strife in the Niger Delta has restored stability in Abuja’s oil revenues.

The PIGB is the first part of a larger industry legal framework overhaul called the Petroleum Industry Bill (PIB) that needs to pass through the country’s legislature.

“Hopefully, by the end of the month, the National Assembly will transmit it to the president for assent,” said Senator Tayo Alasoadura, who heads the upper house’s committee on upstream petroleum issues.

The PIGB will create four new bureaus that will oversee bidding rounds, award exploration licenses, and make recommendations to the oil minister regarding developments in the hydrocarbon sector.

“The PIGB, as passed yesterday, is the same as passed by the Senate. We have harmonized everything and formed the National Assembly Joint Committee on PIB,” Alhassan Ado Doguwa, a key PIB lawmaker in the House of Representatives, told reporters in January, announcing a previous step forward in the reform process. “Every consideration of the bills is now under the joint committee. We have broken the jinx after 17 years. We are working on the other accompanying bills.”

Nigeria is due for presidential and national assembly elections in February 2019, making 2018 critical for incumbent President Muhammadu Buhari, who has led the country through three years of bearish oil markets and recovered crude output after months of attacks from Niger Delta militants. If Buhari signs the completed bill, it would complement his push to rid his nation’s oil business of corruptive forces.

Related News

  1. Nigeria Finally Moves to Cut Sulfur In Fuels, A Year After Deadline
  2. Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018
  3. How Much Crude Oil Can Nigeria Produce in 2018?
  4. 18.36bn Litres of PMS Distributed State-wide in 2017 – NBS
  5. A New Agenda for the NNPC’s Refineries
  6. #NigeriaPetroleumSummit: Buhari, Barkindo, Kachikwu harp on collaboration in Africa’s Oil Industry
  7. Barkindo, OPEC Secretary General to attend 2018 Nigeria International Petroleum Summit
  8. Dangote Engineer Trainees share experience from India, ready for Refinery take-off
  9. Nigeria,Niger Republic in agreement process on construction of Petroleum Refinery
  10. Remarks by Senate President at Public Hearing by Senate Committee on Petroleum
  11. NNPC’s Operating Deficit Fell Sharply From N2.8bn the Previous Month to N407m
  12. NNPC to Build More Depots, Expand Market Share
  13. Why Africa’s top oil producer is low on gasoline
  14. A Poor Use of Limited Resources; Fuel Shortages Highlight Nigeria’s Failure to Refine Domestically
  15. Nigeria’s Proposed PMS Pricing :Matters Arising
  16. No Request from Presidency on Payment to Oil Marketers-Senate
  17. Fuel Scarcity Dampens Christmas Celebrations
  18. Fuel Crisis: Senate Summons Kachikwu, Baru
  19. Fuel Scarcity: DAPPMA denies involvement in hoarding petroleum products
  20. Best Monthly Result Since May 2016; NNPC’s Operating Deficit Halved from N5.7bn to N2.8bn
  21. Local Refining, The Obvious Solution
READ MORE:
Related News