27 July 2017, Sweetcrude, Abuja — The Nigerian Senate on Thursday passed three petroleum industry bills for a second reading, including a bill to legislate for reforms, covering host communities, investment and administrative issues in Nigeria’s petroleum industry.
This is the latest legislative action in the Federal government’s efforts to reform the nation’s oil and gas industry. The bills are parts of the Petroleum Industry Bill (PIB), now split into several bills.
The Senate had in late May of this year passed the first part, Petroleum Industry Governance Bill. The PIGB was the first tranche of the PIB. Other tranches that would soon be presented before the senate are: Upstream Petroleum Licence and Lease Administration, Downstream Oil and Gas Administration and Petroleum Fiscals.
Another tranche to be considered is the Petroleum Revenue Management including Petroleum Host Community Fund. The PIGB would help to create efficient and effective governing institutions with clear and separate roles for the petroleum industry.
According to a readout from the Upper Chamber, obtained by journalists in Abuja, the three pieces of proposed legislation are: a bill for an Act to provide for framework relating to petroleum producing Host community’s participation, 2017 (SB. 404) by Sen. Kabiru Marafa, APC-Zamfara; a bill for an Act to establish a fiscal framework that encourages investments in the petroleum industry, 2017(SB.472) by Sen. Tayo Alasoadura, APC-Ondo; and a bill for an Act to provide for the administrative framework for the Petroleum Industry, 2017 (SB. 540) by Sen. Bassey Akpan, PDP -Akwa Ibom.
The three bills were subsequently referred to the joint committee on petroleum (downstream), petroleum (upstream) and gas, which are to report back to the Senate in four weeks.