Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » PIB: NNPC concerned over move by Petroleum Ministry to assume control of proposed IJVs

    PIB: NNPC concerned over move by Petroleum Ministry to assume control of proposed IJVs

    August 29, 2016
    Share
    Facebook Twitter LinkedIn WhatsApp

    NNPC Towers229 August 2016, Lagos – The attempt by the Ministry of Petroleum Resources to assume control over the proposed Incorporated Joint Ventures (IJVs) and the Asset Management Company to be created by the new Petroleum Industry Bill (PIB) may set the ministry on a collision course with the Nigerian National Petroleum Corporation (NNPC), THISDAY investigations have revealed.

    The original PIB submitted to the National Assembly by the Umaru Musa Yar’Adua administration had provided for the corporatisation of the oil joint venture (JVs) assets held by NNPC and the international oil companies (IOCs) into IJVs.

    But the IOCs had opposed the establishment of the IJVs following concerns that the NNPC, which controls majority stake in the existing joint venture oil assets, might insist on operating the incorporated entities.

    As a result, the IJVs were removed from the revised reform bill resubmitted by the administration of former President Goodluck Jonathan in 2012 to the National Assembly.

    However, the current administration of President Muhammadu Buhari has unbundled the PIB into three legislations for easy passage and also reintroduced the IJVs in the revised bill to resolve the cash call challenged hampering the existing JVs, which have accumulated to unpaid arrears of over $6 billion.

    It was also gathered that splitting the PIB was done to ensure that regulatory and fiscal issues are dealt with separately.

    • This Day

    Related News

    Nigeria backs TotalEnergies on dormant assets, oil production boost

    Global energy demand hits record high as renewables soar

    SLB partners with Cactus to advance autonomous drilling solutions

    E-book
    Resilience Exhibition

    Latest News

    Nigeria backs TotalEnergies on dormant assets, oil production boost

    June 25, 2025

    Global energy demand hits record high as renewables soar

    June 25, 2025

    Ghana approves $2.8bn debt relief deal with creditor nations

    June 25, 2025

    SLB partners with Cactus to advance autonomous drilling solutions

    June 25, 2025

    Niger miners say output will continue at nationalised uranium mine

    June 25, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.