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Campaign for Better Regulation through PIB

Undoubtedly, the nation’s oil sector requires regulatory, governance and fiscal legislation that would guide the exploration and exploitation of the nation’s hydrocarbon deposits in a profitable manner. Nume Ekeghe reports that to achieve this, the Minister of State for Petroleum, Timipre Sylva and others, especially host communities, have intensified the clamour for the Petroleum Industry Bill given the benefit it portends for Nigeria
The Petroleum Industry Bill (PIB), which is meant to regulate the entire sphere of the industry has struggled to see the light of day despite its introduction to the National Assembly over 16 years ago.
The clamour for this has persisted due to a number of factors including the agitations by the Niger Delta people for a fair deal in the mining of their mineral endowment often referred to as the Black Gold. ....

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PIB: Group, host communities clash over 2.5% trust fund

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Sunday Aborisade, Abuja
The Senate commenced consideration of the Petroleum Industry Bill on Monday with the Women in Energy Network rejecting the 2.5 per cent the host communities are demanding from the investors in the oil and gas sector as annual levies.
The host communities started their demand when they asked for 10 per cent net profit in PIB 2012.
They reduced it to five per cent of actual expenditure in 2018 before they further cut it to the 2.5 per cent of actual operating expenditure in the PIB 2020.
Fresh consideration of the bill resumed on Monday at the opening of a two-day public hearing jointly organised by the Senate Joint Committee on Petroleum Sector (Downstream); Petroleum Resources (Upstream); and Gas. ....

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Delay in PIB Passage Dangerous for Economy, Says Lawan

•Communities, IOCs oppose provisions of proposed law
Deji Elumoye and Udora Orizu in Abuja
President of the Senate, Dr. Ahmad Lawan, yesterday warned against further delay in the passage of the Petroleum Industry Bill (PIB) as it will result in more colossal losses to the Nigerian economy.
Lawan, in his remarks at a two-day public hearing on PIB organised by the Senate Joint Committee on Petroleum Sector (Downstream), Petroleum Resources (Upstream) and Gas, committed the National Assembly to pass the bill by April so that by May it would have become law after President Muhammadu Buhari’s assent.
However, at the hearing, critical stakeholders in the nation’s oil and gas sector, including oil producers and host communities, kicked against certain provisions of the bill, which they called on the National Assembly to revisit before passage. ....

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Nigeria to rely on oil for next 30 years ― NNPC GMD

Nigeria to rely on oil for next 30 years ― NNPC GMD
Nigeria to rely on oil for next 30 years ― NNPC GMD
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In spite of global energy transition and federal government promise to diversify the economy, the Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, said Nigeria will continue to run a monocultural economy for the next 30 years.
Kyari said this at the two days public hearing by the joint committee on Petroleum downstream, upstream and gas declared opened by the President of the Senate, Ahmad Lawan.
He said the absence of robust legislation to guide the sector has continued to bedevil it leading the nation to lose huge revenue. ....

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Oil majors, others, raise concerns as National Assembly begins hearing on PIB

Oil majors, others, raise concerns as National Assembly begins hearing on PIB
The oil majors and other players in the industry expressed disatisfaction with some provisions of the Petroleum Industry Bill, 2020.
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Some major oil producing companies and other players in the industry have raised concerns over some provisions of the Petroleum Industry Bill (PIB), 2020.
This was at the first day of the public hearing, a necessary stage of the consideration and passage of the bill.
The legislation, which was transmitted to the National Assembly last year after it had suffered setbacks for about 20 years, proposes the scrapping of the ....

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