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Ownership of Petroleum under the Petroleum Industry Bill 2020

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).

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PIGB 2017 – Objectives

The PIGB 2017 passed by the Senate on May 25, 2017, has the following objectives:

  1. create efficient and effective governing institutions with clear and separate roles for the petroleum industry;
  2. establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensure value addition and internationalization of the petroleum industry;
  3. promote transparency and accountability in the administration of petroleum resources of Nigeria; and
  4. foster a conducive business environment for petroleum industry operations.

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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.