The Petroleum Industry Administration Bill recently published by the National Assembly proposes a new upstream petroleum licensing system. Under the Petroleum Act, the Petroleum Minister may award three types of licences – the Oil Exploration Licence (OEL), the Oil Prospecting Licence (OPL) and the Oil Mining Lease (OML). The PIAB has reduced these to two – the Exploration Licence (EL), which is similar to the current OEL and the Petroleum Licence (PL), which is a combination of the OPL & the OML. Continue reading “New – PIAB proposes new upstream licensing system”
National Assembly releases copies of the Petroleum Industry Bills
The National Assembly today (30th of April, 2018) published the Petroleum Industry Administration Bill, the Petroleum Industry Fiscal Bill and the Petroleum Host and Impacted Communities Development Bill.
The bills are slated for public hearing at the House of Representatives on the 15th – 17th of May 2018 and in the Senate on the 22nd – 24th of May 2018.
We shall provide highlights of the provisions of the bills shortly.
POSTPONEMENT OF PUBLIC HEARINGS ON THREE PETROLEUM INDUSTRY REFORM BILLS
The House of Representatives today announced that the public hearings scheduled to take place on the 23rd – 26th of April, 2018 on the Petroleum Industry Fiscal Bill, the Petroleum Host Community Bill and the Petroleum Industry Administration Bill have been postponed to hold between Tuesday, 15 – 17 May, 2018, to allow for greater inclusiveness and stakeholders’ participation in view of the strategic nature of the Bills. Relevant stakeholders are encouraged to submit their memoranda on or before Friday, 11th May 2018.
Copy of Harmonised Petroleum Industry Governance Bill 2018
A copy of the Petroleum Industry Governance Bill 2018, which harmonises the different versions may be found here. Our review of the Bill does not show significant changes from the Bill passed by the Senate in 2017. A more detailed analysis of the Bill will follow.
House of Reps announces Public Hearings on three petroleum industry reform bills
The House of Representatives has announced that public hearings are to take place on the 23rd – 26th of April, 2018 on the Petroleum Industry Fiscal Bill, the Petroleum Host Community Bill and the Petroleum Industry Administration Bill. These three bills as well as the Petroleum Industry Governance Bill, which was passed by the National Assembly and is awaiting presidential assent, constitute the full reform package being proposed by the National Assembly in the reforms of Nigeria’s petroleum industry. Continue reading “House of Reps announces Public Hearings on three petroleum industry reform bills”
NNPC GMD seeks reduction in multiple taxes in petroleum industry reforms
The News Agency of Nigeria (NAN) reports today on the meeting between the National Assembly Technical Team on Petroleum Industry Reforms and the NNPC. At the meeting, the NNPC GMD tasked the Technical Team to undertake bold & enduring reforms and emphasised the need for solutions to the issue of multiple taxation facing the industry.