The PETROLEUM INDUSTRY BILL 2012 is a 223 page document with 362 sections and 5 schedules. The Bill is divided into 9 parts, which propose to cover the entire spectrum of the oil and gas industry. This part of the blog seeks to summarise the Bill along its 9 parts.
Part IV – Downstream Licensing
Part VI – Indigenous Petroleum Companies
Part VII – Health, Safety & Environment
Part VIII – Provisions on Taxation in the Petroleum Industry
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In the overall context of industrial development of Nigeria, the Federal Ministry of Industry Trade and Investment plays a pivotal role. How do we marry the role of the Ministry with the development of the petroleum industry. At the moment the FMITI, is promoting the creation of specialised industrial cluster for the petrochemicals industry. This is significantly hampered by the crosspurpose which exists between the role of the Ministry and the Ministry of Petroleum Resources.