News. Information. Analysis
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.
We’ve been away for a long time! But we come bearing good news. Both houses of the National Assembly on Wednesday 28th of March 2018 passed the harmonized version of the Petroleum Industry Governance Bill (PIGB). See this document which shows the differences between the Senate and House versions of the PIGB and how those differences were resolved. A clean copy of the PIGB will now be presented to the President for his assent. The President has 30 days to give his assent or give any comments he may have on the Bill. The National Assembly may override any veto exercised by the President with a 2/3rds majority vote. Continue reading “National Assembly passes Harmonized Petroleum Industry Governance Bill”
The House of Representatives passed the Petroleum Industry Governance Bill (“PIGB”) on Wednesday 17th of January, 2018. This is following the passage of the PIGB by the Senate in May 2017. Continue reading “House passes the PIGB”
A copy of the new Petroleum Policy approved by the Federal Executive Council last week may be found here.
The Nigerian Senate passed the Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and the Petroleum Host Community Bill at the second reading today, the 27th of July, 2017. The Bills have been referred to the Committees on Petroleum Upstream, Downstream and Gas to report to the full Senate in four weeks. This is another milestone in the petroleum industry reforms. We expect that the next four weeks will be spent engaging with key stakeholders on the various reform bills. Petroleumindustrybill.com will continue to keep you updated on these developments.
It was a pleasure to be interviewed on CNBC’s Open Exchange West Africa yesterday 25th of July 2017 on the Petroleum Industry Governance Bill and the other petroleum industry reform initiatives.
The Federal Executive Council approved the National Oil Policy today 19th of July, 2017. This is the second oil industry reform policy the Federal Executive Council has approved in the last month. This leaves the Petroleum Fiscal Policy. We shall publish a copy of the policy document once it is made available. Congratulations to the Honourable Minister and his Senior Technical Adviser on Upstream & Gas, Mr. Gbite Adeniji.
A copy of the newly approved National Gas Policy may be found here.
Yesterday, the 28th of June 2017, Nigeria’s Federal Executive Council approved the new National Gas Policy. The focus of the policy is to provide an enabling environment for the development of natural gas resources across the value chain. We shall publish a copy of the final document on petroleumindustrybill.com once it is released.
The Nation reports that the Nigeria Extractive Industries Transparency Initiative (“NEITI”) has revealed that the Senate has made a fundamental error in the PIGB by failing to “enshrine NEITI principles in the governance process”. Continue reading “NEITI reveals “fundamental error” in PIGB”