Part I comprises of 4 sections, which provide the general principles governing the Bill. Section 1 lays out a number of objectives, which include:
- Creation of a conducive business environment for petroleum opeations;
- Establishment of a progressive fiscal framework that encourages further investment in the petroleum industry while optimising revenues accruing to the Government;
- Creation of efficient and effective regulatory agencies; and
- Promotion of transparency and openness in the administration of the petroleum resources of Nigeria.
Section 2 emphasises the principles laid out in section 44(3) of the Nigerian Constitution, which vests property and control of all petroleum in Nigeria including the Continental Shelf and Exclusive Economic Zone, in the Federal Government. Part I is rounded out by binding all agencies and companies created under the Bill to the provisions of the Nigerian Extractive Industries Transparency Initiative Act in carrying out their responsibilities.