The Nigerian Senate has passed the long awaited Petroleum Industry Bill (PIB) into law after close by close consideration with few amendments moving a step closer to making its ambitious content law. The PIB among other objectives seeks to introduce reforms to engender transparency and at the same time make the oil and gas sector profit driven and more business oriented.
According to news report, the Nigerian Bar Association has commended the senate for keeping its commitment to pass into law the long awaited Petroleum Industry Bill (PIB). The NBA Chairman, Yinka Faronbi speaking in an interview with Oil and Gas Republic Correspondent said, if eventually signed by the Acting President, Prof. Yemi Osibanjo, the bill will restructure oil and gas organizations and bring broad reforms to the nation’s oil and gas industry.
Barrister Farebi said, “The PIB would tale care of oil spills and all forms of environmental pollution and also put an end of the crisis in the Niger Delta region as a result of lack of regulation in the Nigerian oil and gas industry”
The bill passed is the first part of the PIB which the National Assembly failed to pass since 2008. The content in the PIB includes the development away from crude oil to other product lines and by-products and robust engagement between international oil companies (IOCs) and the government in the area of investment and modifications in the Joint Venture Partnerships (JVPs)/cash call obligations. It also advocates the activation and extension of indigenous participation and local content development, just and fair engagement of the oil producing communities and transparency/accountability in the industry.