The Petroleum Industry Bill 2020 has passed first reading at the Senate today. We expect both houses of the National Assembly to adopt an expedited passage of the Bill, with second reading over the next two weeks and a series of public hearings before the end of the year.
A copy of the Petroleum Industry Bill 2020 can be found here. The Bill proposes reforms to governance, administration, host community and fiscal matters in the oil and gas industry. Keep checking our site for detailed analysis of its provisions.
It has been just over two years since there has been any tangible development on the Petroleum Industry Bill. This ended this week with the news that the President has forwarded a new draft of the Petroleum Industry Bill to the National Assembly. We understand that unlike the attempts under the 8th National Assembly, the executive has sent just one bill. We will make that Bill available here once we receive it, along with our analysis of its content.