The Washington Post reports the comments of the British Business Secretary, Vince Cable, on the Petroleum Industry Bill at a business roundtable held on Monday, 10th of October in Lagos. His comments appear to contrast with those of UK diplomats reported in the Leadership.
The Petroleum Industry Bill & North – South Politics
The Osun Defender highlights the geopolitical dynamics in the National Assembly regarding the passage of the Petroleum Industry Bill.
Shell faults new Petroleum Industry Bill
See Thisday’s report on Shell MD, Mutiu Sunmonu’s comments on the Petroleum Industry Bill 2012.
PIB: The Government is not your Nanny
Toyin Akinosho of Africa Oil and Gas Report highlights critical differences between the current fiscal regime and the proposed fiscal regime under the Petroleum Industry Bill. He suggests that the proposed terms will be more onerous and will not encourage capital projects by small and large investors.
PIB Dead on Arrival?
Clara Nwachukwu of the Vanguard in the above titled article highlights some of the hidden tensions surrounding the passage of the PIB. In particular it suggests that the version of the Bill signed by the Minister includes significant changes from that submitted by the PIB Technical Committee.
Petroleum Mining Lease QRT
The QRTs below compare the critical terms of the PML under the Petroleum Industry Bill with the current OML regime.
Petroleum Prospecting Licences QRT
The QRTs below compare the critical terms of the PPL under the Petroleum Industry Bill with the current OPL regime.
Petroleum Exploration Licence QRT
The QRT below compares the PEL under the Petroleum Industry Bill with the current OEL regime.
Upstream Licences Quick Reference Tables (QRT)
The Petroleum Industry Bill proposes changes to upstream licence framework. To replace the Oil Exploration Licence (“OEL”), the Oil Prospecting Licence (“OPL”) & the Oil Mining Lease (“OML”), the Bill establishes the Petroleum Exploration Licence (“PEL”), the Petroleum Prospecting Licence (“PPL”) & the Petroleum Mining Lease (“PML”). The changes are not just in the nomenclature, the new regime includes a number of significant differences to the old structure. Our QRTs will show you those differences in an easily accessible format.
Tax provisions summary
Click here for the newly published summary of Part VIII of the PIB, which deals with taxation provisions in the upstream petroleum industry.