05 May 2018, Sweetcrude, Houston, Texas – The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, has assured that the Petroleum Industry Bill, PIB, will be fully passed by the fourth quarter of this year.
In a statement at the ongoing Offshore Technology Conference, OTC, 2018 in Houston, Texas, Baru said the remaining three parts of the bill will be passed into law before the year runs out.
The PIB, which originally was conceived as whole, has been split into four parts: the Petroleum Industry Governance Bill, PIGB; the Host Communities, Fiscal Reforms and the Administration Bills. The PIGB has been passed by the National Assembly earlier this year while the other three are at different levels of review at the Senate and the House of Representatives.
“From a policy perspective, there are ongoing reforms in the industry in the mold of the Petroleum Industry Bill”.
“We have assurances from our National Assembly that by early Q3, 2018 there will be light at the end of the tunnel. Its passage is important to help unlock billions of dollars of investments, which have been held up due to the uncertainty of its passage. Permit me to use this opportunity to commend our legislature for their commitment to delivering on this very important national assignment,” he said.