Tag: PIB

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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.
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PIB – House of Representatives seeks to pursue another route

Thisdayonline reports that the House of Representatives seeks to pursue another strategy in the passage of petroleum industry reforms. The Chairman of the House Committee, Petroleum Upstream, Hon. Victor Nwokolo (Delta-PDP) indicated in a press conference yesterday that the House bill will include the Petroleum Host Community Fund as well as Fiscal reform matters.  This runs against the reports that the PIGB passed by the Senate would be given accelerated hearing by the House.

Given the legislative and political timetables, this recent development will pose a challenge to the adoption of the PIGB or indeed any part of the petroleum industry reforms into law in the near future. It is our opinion that the two houses of the National Assembly should work together in the national interest to avoid further delays to much-needed reforms.

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PIGB 2017 – Objectives

The PIGB 2017 passed by the Senate on May 25, 2017, has the following objectives:

  1. create efficient and effective governing institutions with clear and separate roles for the petroleum industry;
  2. establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensure value addition and internationalization of the petroleum industry;
  3. promote transparency and accountability in the administration of petroleum resources of Nigeria; and
  4. foster a conducive business environment for petroleum industry operations.

Continue reading “PIGB 2017 – Objectives”

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Breaking News – History is made as the Nigerian Senate passes the Petroleum Industry Governance Bill

The Petroleum Industry Governance Bill was passed at its third reading at the Nigerian Senate today (May 25th, 2017). In the long history of pursuing Petroleum Industry legislative reform in Nigeria, this is the first time that a bill will be passed at the Nigerian Senate.

We shall update you on the changes made to the Bill and the next steps.

 

 

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PIGB laid before the Senate for Debate

The Joint Committee tasked with reviewing the Petroleum Industry Governance Bill (PIGB) in the Senate has laid its report before the house. This signifies the completion of the Committee’s review process. The next step is the clause by clause debate of the Bill at its third hearing, currently scheduled for the 25th of April, 2017.  Continue reading “PIGB laid before the Senate for Debate”