Senate passes PIB at last
By Titus Agbo,
The Senate today passed the Petroleum Industry Bill (PIB) after several years of ups and down swing.
Senate President, Bukola Saraki while commenting on the bill said “am happy that the commitment we made about this bill is being fulfilled today. This is a Bill that has been here for many years.”
“This Bill is not only for Nigerians but for international investors. We are proud of what has been done.” He further stated.
The PIGB was passed after the Senate, in the Committee of the Whole, considered the Report of the Committee on Petroleum Upstream, Petroleum Downstream and Gas presented by Senator Donald Alasoadura. The PIG bill was read the third time at the Senate’s plenary before it was passed.
The PIB has attracted several uncomplimentary views against the National Assembly from stakeholders who described the bill as a comprehensive and key instrument needed to attract more investments that would move the oil and gas sector forward.
The PIB according to industry watchers would stimulate a more inclusive development away from crude oil to other product lines and by-products as well as 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 is equally aimed at helping to promote local contents and indigenous participation in the sector.
With the passage of the bill equity and fairness in the engagement of the oil producing communities and transparency/accountability in the industry can now be guaranteed.