We arrived late at the Senate’s public hearing on the three public hearings today. We will give a summary of all the presentations earlier.
Ministry of Petroleum Resources – Fiscal Bill
- many fiscal abuses in the current Fiscal Bill;
- lack of fiscal neutrality in the bill;
- bill does not sufficiently reward the domestication of oil
- more reflection on the powers of the Minister;
- opportunity for checks & balances over the Commission by the Minister;
- there should be a requirement for bid rounds every 3 – 5 years;
- the decision on bid round should be a political decision;
- Minister to give guidelines;
- who regulates the regulator?
- provisions for acreages to the commission to be amended and explicitly granted to the state;
- more provisions for contract transparency;
- gas flaring provisions are scaled back in this bill;
- national strategic stocks should be handled by a regulated entity;
It has been just over a week since the Public Hearing at the House of Representatives. Enough time to have mulled over some of the issues raised by investors, the Federal Government & the public on the Petroleum Industry Administration Bill, the Petroleum Industry Fiscal Bill & the Petroleum Host & Impacted Communities Bill. Here are 5 takeaways from the hearings. Continue reading “House of Reps Public Hearing – A Few Takeaways”
Dr Ekpen Omonbude of Bargate Advisory recently published this light-hearted but weighty analysis of the PIFB. In it, Dr Omonbude highlights 5 key issues in the Bill and the potential impact on investors and the Nigerian government. As a former advisor in the Commonwealth providing advice to countries seeking to set up or reform their natural resources fiscal policies, he is in a good position to examine the government and investor perspectives on the terms of the Bill.
Please find below a list of some of the issues we’ll be covering this week on petroleumindustrybill.com:
- On Monday we will bring you a light-hearted review of the Petroleum Industry Fiscal Bill (PIFB) by Dr. Ekpen Omonbude, formerly of the Commonwealth, now of Bargate Advisory. Dr. Omonbude has advised a number of countries in the Commonwealth on their natural resources fiscal framework and in his usual style, makes the provisions of the PIFB accessible to readers;
- We will also be highlighting key takeaways from the public hearing at the House of Representatives;
- Further analysis of key terms of the PIAB will also be provided over the course of the week.
We thank you for following our blog.
We understand that the public hearing at the Senate on the petroleum industry reform bills will not hold this week as previously indicated. We do not have any information on the rescheduled dates and we’ll advise once we do.
The public hearing was adjourned at 2:12 pm today. There will be no further hearings on the Bills at the House of Representatives. Thank you for sticking with us. It’s a wrap until the Senate Public Hearings.