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Senate receives report on Petroleum Industry Bill

Senate receives report on Petroleum Industry Bill
premiumtimesng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from premiumtimesng.com Daily Mail and Mail on Sunday newspapers.

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PIB will move power from individuals to institutions – Expert

Lagos, March 3, 2021 An oil and gas expert, Mr Isreal Aye has said the Petroleum Industry Bill (PIB) currently before the National Assembly will move power in the petroleum industry from individuals to institutions.
Aye, the Senior Partner, Energy and Commercial Contracts, Primera Africa Legal, made the assertion on Wednesday in Lagos at a Media Engagement Session on the Petroleum Industry Bill (PIB)
The session was organised by the Facility for Oil Sector Transformation Project (FOSTER).
Aye said that under the current 1969 Petroleum Act, the regulation of the petroleum industry was vested in one individual (the Minister of Petroleum), adding that had created a myriad of problems. ....

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ANALYSIS: Senate, Reps move to pass PIB | Premium Times Nigeria

3 min read
The much anticipated Petroleum Industry Bill (PIB) is on the path to becoming law as it is currently at the committee stage at the National Assembly – one of the final stages of a bill before it is considered and passed.
The Senate joint committee on Petroleum Upstream, Downstream and Gas concluded its public hearing on the bill on Tuesday, after which its counterpart at the House of Representatives organised a separate hearing for the bill.
The bill was read for the first time at the Senate on September 30 and for the second time three weeks later on October 20 last year. ....

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30 oil companies, Niger Delta States, Labour mount opposition to PIB -

Oil Producing Trade Section (OPTS), comprising 30 indigenous and international members operating about 90% of the total oil and gas production in Nigeria yesterday saihd the Petroleum Industry Bill, PIB would stifle their businesses and the growth of the Petroleum sector.

The Chairman of OPTS, Mike Sangster who spoke on behalf of the group at the beginning of the two day public hearing on the PIB organized by the ad-hoc Commitee of the House of Representatives said that some aspects of the bill were inimical to future investments.
Titled “A Bill for an act to provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host community and for related matters”, the proposed piece of legislation is chiefly seeking to scrap the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA) and replace them with a new agency to be called Nigerian Midstream and Downstream ....

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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.
3 min read
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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