The PETROLEUM INDUSTRY BILL 2012 is the culmination of several years of efforts at industry reform. The process began under President Obasanjo in 2000, with the establishment of the Oil and Gas Implementation Committee (“OGIC”). OGIC issued a report and policy document, which was later approved by the Yaradua government and resulted in the Petroleum Industry Bill 2008 being forwarded to the 6th National Assembly. The Petroleum Industry Bill 2008 went through several redrafts including a wholesale amendment by the executive arm of the government (the Interagency Team Draft) but ultimately failed to pass during the 6th National Assembly. In the aftermath of the fuel subsidy protests in January 2012, the Nigerian Minister for Petroleum, Mrs Diezani Alison-Madueke announced the establishment of a technical committee headed by Mr. Osten Olorunsola to harmonise the various versions of the draft bill. The PETROLEUM INDUSTRY BILL 2012 is the result of this process.
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The reform is long overdue. All well meaning nigerians and foreign investors will be glad if this bill is passed.
worth waiting for when the objectives is of national interest:oil sector is the country’s backbone of economic growth,reforming it isn’t a bad idea.