Lagos — The Minister of State for Petroleum Resources, Timipre Sylva, has disclosed that the long-awaited Petroleum Industry Bill, PIB, will be passed into law by the middle of the year.
In a statement to mark the new year, the minister said the bill is already at the advanced stage.
Sylvia, while reviewing the performance of the petroleum ministry, said 2019 was a prosperous year.
He listed the ministry’s achievements to included amendment of the Deep Offshore (and Inland Basin Production Sharing Contact) Act, and signing of Final Investment Decision on the Nigerian Liquefied Natural Gas, NLNG, Train 7 project.
He listed others as the discovery of crude oil in the Upper Benue Trough and the hosting of the Extraordinary Session of the Council of Ministers of the African Petroleum Producers Organisation and the emergence of Nigeria’s Dr Omar Ibrahim as its Secretary General of the organisation.
” We thank every Nigerian, all our key stakeholders, heads of agencies of the ministry: Nigerian National Petroleum Corporation, Department of Petroleum Resources, Petroleum Technology Development Fund and Nigerian Content Development and Monitoring Board.
“Petroleum Products Pricing Regulatory Agency, Petroleum Equalisation Fund (Management) Board, Nigerian Nuclear Regulatory Authority and the Petroleum Training Institute) and every member of staff, for all the support.
“We look forward to delivering on all our aspirations as we remain committed and focused in the New Year,” he said.