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PIB: Sinkhole called frontier basin development


PIB: Sinkhole called frontier basin development
The Punch
Published 6 July 2021
The news of the passage of the Petroleum Industry Bill hit the airwaves like a tsunami last week, sparking surprise, disbelief, and confusion among stakeholders in the Nigerian oil and gas industry. Like the miracle in Cana in Galilee, the House of Representatives passed 318 clauses in less than 20 minutes! This is a feat four to five republics of the National Assembly could not achieve in nearly two decades! Shortly afterwards, the PIB also passed the third reading in the Senate amid chaos and heated debate by the federal lawmakers.
Out of the five parts, eight schedules, and 319 clauses of the Bill, Clause 9(4) relating to the Frontier Exploration Fund is the most startling provision that has dominated discussions since the passage last Thursday. The FEF comprises 10% of rents on petroleum prospecting licences, 10% rent on petroleum mining leases, and 30% of NNPC Limi ....

Niger Delta , Nigeria General , United States , Federal Republic Of Nigeria , Shell Petroleum , National Assembly , Frontier Exploration Fund , Sovereign Wealth Fund , Government Of The Federation , Petroleum Industry , Victoria Ibezim Ohaeri , Petroleum Industry Bill , Benue Trough , Daily Times Newspaper , Federal Republic , Nigeria Economic Sustainability Plan , நைஜர் டெல்டா , ஒன்றுபட்டது மாநிலங்களில் , கூட்டாட்சியின் குடியரசு ஆஃப் நைஜீரியா , ஷெல் பெட்ரோலியம் , தேசிய சட்டசபை , இறையாண்மை செல்வம் நிதி , அரசு ஆஃப் தி கூட்டமைப்பு , பெட்ரோலியம் தொழில் , பெட்ரோலியம் தொழில் ர சி து , தினசரி முறை செய்தித்தாள் ,