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.

Federal Executive Council approves the National Oil Policy

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.

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.