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Sunday, May 28, 2017
The long awaited for Petroleum Industry Bill (PIB) has been passed by the Nigerian Senate. The PIB is hoped to bring about promises of broad reforms in Nigeria’s oil and gas industry.
The report on the bill, produced by the Senate joint committee on gas, petroleum (downstream) and petroleum (upstream), was presented by Donald Alasoadura, APC-Ondo. The Senate approved the bill after giving it clause-by-clause consideration.
The bill will restructure some organizations like NNPC and the Department of Petroleum Resources, while setting up new ones like the National Oil Company and the National Petroleum Assets Management Commission.
The law goes to the House of Representatives next, if passed by the house it will then be forwarded to the president to be signed into law.
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