The issue of consent to the transfer or assignment of licence interests has always posed a challenge in Nigerian oil and gas transactions. The case of Moni Pulo Vs. Brass Exploration Ltd & 7 ors as well as the Department of Petroleum Resources’ Guidelines and Procedures for Obtaining Minister’s Consent to the Assignment of Interest in Oil and Gas Assets have not helped to clarify which transactions require ministerial consent. Continue reading “PIAB – Assignment of licences”
PIAB – Who issues Petroleum Licences?
Under the provisions of the Petroleum Act, the Minister of Petroleum Resources has the absolute discretion to award oil prospecting licences and oil mining leases. The PIAB in its section 8 provides for a process through which the Commission may award upstream licences. Continue reading “PIAB – Who issues Petroleum Licences?”
Senate passes 3 petroleum industry reform bills through second reading
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.