The momentous passage of the Petroleum Industry Governance Bill on 25 May 25 by the Nigerian Senate was heralded by many as a revolutionary step at creating a legal framework to address some of the perennial challenges that have plagued the oil and gas industry over the years. With this development, the bill is expected to go through a few other legislative procedures and eventually be assented by the president.
The bill seeks to establish efficient and effective governing institutions with clear and separate roles for the petroleum industry. The bill also proposes to establish a framework for the creation of commercially oriented and profit-driven petroleum entities that ensure value addition and internationalization of the petroleum industry as well as promote transparency and accountability in the administration of petroleum resources of Nigeria. Furthermore, it is the expectation of oil industry players that the bill will foster a conducive business environment for petroleum industry operations.
The bill provides three-pronged solutions to the bureaucratic bottlenecks and regulatory inefficiency in the oil and gas industry; harsh business environment for investment in the industry; and default in meeting the financial obligations of the government on its investment in the industry. The unique approach offered by the Bill is the establishment of three institutions to pilot the change in the general operations of the oil and gas industry: Nigeria Petroleum Regulatory Commission; National Petroleum Asset Management Company, and National Petroleum Company.
Read the full story here.
Don't miss our latest HSE content, delivered to your inbox twice monthly. Sign up for the HSE Now newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
28 - 30 Jul 2020
- Bogotá, Colombia
Share HSE and sustainability best practices with peers to minimize risk and add value to operations
14 - 16 Sep 2020
- Muscat, Oman
Shaping the Future of the Energy Industry.
15 - 16 Sep 2020
- Calgary, Alberta, Canada
Expand your technical knowledge and grow your network at this co-located conference
Expand your technical knowledge and grow your network at this co-located event
Go beyond the limits at this premier conference
4 Jun 2020 19:00
- Live, then On Demand
26 May 2020 19:30 BST
- Live, then On Demand
HSE Now is a source for news and technical information affecting the health, safety, security, environment, and social responsibility discipline of the upstream oil and gas industry.
©2003-2020 Society of Petroleum Engineers, All Rights Reserved.