The Nigerian Senate passed the Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and the Petroleum Host Community Bill at the second reading today, the 27th of July, 2017. The Bills have been referred to the Committees on Petroleum Upstream, Downstream and Gas to report to the full Senate in four weeks. This is another milestone in the petroleum industry reforms. We expect that the next four weeks will be spent engaging with key stakeholders on the various reform bills. Petroleumindustrybill.com will continue to keep you updated on these developments.
Copy of PIGB 2017 (Updated) – minor changes expected to reflect the debate at the 3rd reading
A copy of the PIGB 2017 may be found here. The Bill is in a report format and shows the changes made to the Bill after the Joint Committee’s review.
This post has been updated with a link to the final version of the Bill.
PIGB 2017 – Objectives
The PIGB 2017 passed by the Senate on May 25, 2017, has the following objectives:
- 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 ensure value addition and internationalization of the petroleum industry;
- promote transparency and accountability in the administration of petroleum resources of Nigeria; and
- foster a conducive business environment for petroleum industry operations.
Breaking News – History is made as the Nigerian Senate passes the Petroleum Industry Governance Bill
The Petroleum Industry Governance Bill was passed at its third reading at the Nigerian Senate today (May 25th, 2017). In the long history of pursuing Petroleum Industry legislative reform in Nigeria, this is the first time that a bill will be passed at the Nigerian Senate.
We shall update you on the changes made to the Bill and the next steps.
PIGB laid before the Senate for Debate
The Joint Committee tasked with reviewing the Petroleum Industry Governance Bill (PIGB) in the Senate has laid its report before the house. This signifies the completion of the Committee’s review process. The next step is the clause by clause debate of the Bill at its third hearing, currently scheduled for the 25th of April, 2017. Continue reading “PIGB laid before the Senate for Debate”