Category: News

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PIAB – Assignment of licences

The issue of consent to the transfer or assignment of licence interests has always posed a challenge in Nigerian oil and gas transactions. The case of Moni Pulo Vs. Brass Exploration Ltd & 7 ors as well as the Department of Petroleum Resources’ Guidelines and Procedures for Obtaining Minister’s Consent to the Assignment of Interest in Oil and Gas Assets have not helped to clarify which transactions require ministerial consent.  Continue reading “PIAB – Assignment of licences”

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New – PIAB proposes new upstream licensing system

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”

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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.

 

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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.

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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”

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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.

 

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National Assembly passes Harmonized Petroleum Industry Governance Bill

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”

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Senate passes 3 petroleum industry reform bills through second reading

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.