Petroleum Africa
Find us on: 
Sunday, November 15, 2015
Nigeria’s long debated and even longer awaited for petroleum industry bill (PIB) is making the news once again, with the West African country’s new petroleum minister Emmanuel Ibe Kachikwu saying the bill will be amended. Kachikwu said that the government may drop the taxation element of the PIB to aid in its passage.
The PIB has been making the rounds for a decade and truth be told its lack of passage has become somewhat of an industry joke, however if and when it is passed into law if could change Nigeria’s oil and gas sector in a significant way. The bill is meant to change everything from taxes to overhauling NNPC, environmental rules and revenue sharing. The sheer massiveness of the PIB has caused disputes between lawmakers.
“There is a need to look at the PIB as it was submitted to the sixth assembly and try and tinker with that a bit,” Kachikwu said after being appointed petroleum minister, or junior oil minister. “There are all kinds of issues … one of those is whether we need to yank out the fiscal terms and develop them into a different law relying on existing fiscal laws and amend those,” he said.
In 2009 the PIB encompassed 244 pages with 527 clauses, covering everything from the government’s objectives to pensions, upstream, midstream, and downstream. The document also laid out several different bodies to oversee the industry; the National Petroleum Directorate, a Nigerian Petroleum Inspectorate, and a National Midstream Regulatory Agency, were just a few of the bodies laid out in the PIB. The bill has seen a few changes since then also and according to Kachikwu it looks to see a few more.
" 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">
