It was reported that the Petroleum Industry Governance Bill 2016 passed first reading on the floor of the Senate yesterday, April 13, 2016 as the upper chamber deliberated on this version of the PIB amongst other oil and gas sector issues.
As we had earlier reported, this version of the PIB is not a one stop shop version for all issues relating to petroleum regulation like the previous versions, but rather tackles specifically, the institutional and governance structure of the petroleum industry.
The preamble to the Bill states that it “Provides for the Governance and Institutional Framework for the Petroleum Industry and for Other Related Matters”.
The Bill’s objectives are to:
- create efficient and effective governing institutions with clear and separate roles for the petroleum industry;
- establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensures value addition and internationalization of the petroleum industry;
- promote transparency and accountability in the administration of the petroleum resources of Nigeria; and
- foster a conducive business environment for petroleum industry operations.
In line with these objectives, the Bill deals with issues affecting Ministerial powers, industry regulator, NNPC restructuring and establishment of commercial entities amongst others. Keep reading petroleumindustrybill.com for more detailed analysis of the content of the Bill as well as the official version of the Bill.