Petroleum Africa
Find us on: 
Monday, July 22, 2013
In Nigeria the country’s oil minister, Diezani Alison-Madueke, is once again defending the sweeping powers that the proposed Petroleum Industry Bill, or PIB, will give her office. The minister is also urging lawmakers to pass the long awaited for oil bill.
The PIB, if ever enacted would overhaul everything from fiscal terms to the structure of the state oil company in Nigeria. The bill is more than five years in the making and at this point many in the industry are wondering if it will ever be made into law. Uncertainty while it is being debated has held up billions of dollars worth of exploration and production investments.
The PIB, in its present form, was sent to lawmakers by Nigeria’s president Goodluck Jonathan one year ago.
Under the PIB the minister’s powers would include supervising all institutions of the industry, not just the state oil company. Currently, the minister is in charge of the state oil company but does not control some other agencies such as the downstream pricing regulator. The current bill also states that anyone who does not comply with the oil minister’s orders can be fined or jailed.
“The powers vested in the minister are not different from (those in) … other countries in which best practices are followed,” Alison-Madueke said, defending the clauses in a Reuters report. “The powers complained of are even less than what my counterparts in advanced oil producing countries enjoy.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
