Ownership of petroleum in situ or in the ground is important. The owner of petroleum has the right to determine how that petroleum is developed and produced. In some countries, ownership belongs to the person that owns the land (USA), in others, ownership is held by the country or the National government (United Kingdom), and yet in others, the sub-national entities have ownership rights (Canada).Continue reading “Ownership of Petroleum under the Petroleum Industry Bill 2020”
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”
Following a Point of Order raised by the Senator representing the Ekiti-North senatorial zone, Senator Olubunmi A. Adetunbi, the Senate President, David Mark, gave orders that the Senate’s Joint Committee on the Petroleum Industry Bill (“PIB”) conclude work on the Bill and return same to the Senate for prompt passage.
It was reported that Senator Adetunbi’s plea was prompted after he was put on the spot at a function he attended. At the occasion, the Senate was accused of toying with critical issues affecting the economy especially the PIB.
It will be recalled that the PIB was committed to the Senate’s Joint Committee for deliberations on Thursday, March 7, 2013.
Ifeanyi Nwabugu of the Nation writes on the importance of the Petroleum Industry Bill and the need to fast track its passage here.