Author: Adeoye Adefulu

Dr. Adeoye Adefulu is a Partner in Odujinrin & Adefulu’s Energy Practice Team. Adeoye holds a Ph.D from the Centre for Energy, Petroleum and Mineral Law & Policy, University of Dundee, where his research focused on oil and gas reform in Nigeria. He is consistently ranked as one of Nigeria’s leading energy lawyers and is widely regarded as an expert on the Petroleum Industry Bill. Adeoye has advised private companies on the impact of the Bill on their operations and has also advised members of the National Assembly on critical aspects of the Bill. He writes extensively and has given several presentations on energy reform, the Nigerian oil and gas industry and Nigeria’s electricity industry.
Posted on

We are Back!

It has been just over two years since there has been any tangible development on the Petroleum Industry Bill. This ended this week with the news that the President has forwarded a new draft of the Petroleum Industry Bill to the National Assembly. We understand that unlike the attempts under the 8th National Assembly, the executive has sent just one bill. We will make that Bill available here once we receive it, along with our analysis of its content.

Posted on

PIGB Assent: What has Happened Since?

Last week we reported that the President withheld his assent to the Petroleum Industry Governance Bill (PIGB). At the time of our report, the news coverage had focused on the President rejecting the Bill because it “whittled down his powers.” Since then, there have been various reports on the refusal of the President to assent to the first of four bills seeking to reform the Nigerian oil and gas industry. We review some of these reports here. Continue reading “PIGB Assent: What has Happened Since?”

Posted on

Senate Public Hearing Day 1 – Summary of proceedings before live blogging

This summary has been provided to us by Sandra Gini.

  • Hearing opens at 11:20am
  • National Anthem and opening prayers
  • Opening remarks by Senator Marafa
  • Senate President Bukola Saraki delivers opening speech and declares the hearing officially open.
  • Senator Alaosadura thanks the Senate President

Continue reading “Senate Public Hearing Day 1 – Summary of proceedings before live blogging”

Posted on

Senate public hearing Day 2 – Minister’s intervention

  • Administration Bill
    • No commission in the world seats without supervision;
    • Like dormant fields concept – but should be set aside for indigenous companies;
    • transparency provisions should be bolstered;
    • strategic stocks should not be handled by the Commission.
  • Host Community Bill
    • should be limited to upstream and downstream;
    • host community fund will attract a lot of attention – must not impose an additive burden on the industry;
    • contracting opportunities should be made available for indigenes of the host community;
    • definitions of host community should be fine-tuned.
  • Fiscal Bill
    • fiscal operating conditions should be right;
    • average returns are currently high;
    • want a dual tax regime;
    • cost curtailment needs to be embedded in the bill;
    • no tax incentives for acquisitions.
Posted on

Live blogging the Senate public hearing Day 2

The Senate public hearing commenced at 12:40

Natural Resource Governance Institute – PIAB

  • include checks in the presidential discretionary award of licences;
  • introduce beneficial ownership;
  • emphasise issues of transparency in asset register;
  • clear guidelines on bidding rounds.

Petroleum Training Institute Effurun

  • want to be included in the bill

Nigeria Gas Association

  • fiscal terms to be reduced and incentives to be provided for gas development;
  • AGFA should be retained;
  • cost efficiency factor should not be applied to gas development;
  • need for clarity in the definition of upstream and midstream;
  • worked examples should be included in the fiscal bill;
  • specific provisions for marginal fields and indigenous companies.

Dangote Group

  • third party access may discourage investment;
  • bill does not make provisions for entities in Free Trade Zones;
  • clarity on the host community provisions;
  • clear tenor for the advisory committee in the petroleum host community bill.