Petroleum Africa
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Monday, November 7, 2016
News on Nigeria’s Petroleum Investment Bill (PIB) is making the rounds once again, this time reports have the country’s senate working to complete two major components to the PIB by the end of 2017. The PIB saw initial approval last week in the second reading of a draft plan to overhaul the state oil industry, a procedural move that allows the bill to move forward.
In a statement Senate President Bukola Saraki said, “For many years now the PIB has been stalled at different stages for one reason or the other.”
“At this point, the Senate is ready and willing to do everything that it takes to get Nigeria’s economy out of this recession — and the efficient and effective management of our oil resources is a key component of this.The part of the bill debated on Wednesday dealt with ‘a governance and institutional framework for the petroleum industry,”Saraki said, as Nigeria seeks to restructure state oil firm NNPC.
The next task for the Senate to work on is the rules for communities hosting oil firms,according to Sarki’s statement.
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