Petroleum Industry Governance Bill 2016 Passes First Reading

It was reported that the Petroleum Industry Governance Bill 2016 passed first reading on the floor of the Senate yesterday, April 13, 2016 as the upper chamber deliberated on this version of the PIB amongst other oil and gas sector issues.

As we had earlier reported, this version of the PIB is not a one stop shop version for all issues relating to petroleum regulation like the previous versions, but rather tackles specifically, the institutional and governance structure of the petroleum industry.

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David Mark orders Senate Joint Committee on PIB to conclude deliberations

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.