Mr. President is Anxiously Waiting to Sign Pib Into Law Before the End of This Week

Daily Champion

22 May 2011

Mr. President is Anxiously Waiting to Sign Pib Into Law Before the End of This Week

On the Petroleum Industry Bill (pib)

We have worked aggressively with the National Assembly to see that the PIB is passed into law. Although it is no longer in the domain of the ministry, we have, however, set up a high-powered committee to look, again, into the bill, into the major areas of concern, especially as it affects the production sharing contracts (PSCs) and the Joint Venture Partnership. The committee also looked at the commercialization of the Nigerian National Petroleum Corporation (NNPC) and the reforms in the areas of revenue generation and the various issues surrounding it- where do we go from where we are today? We looked at these issues, the role of the minister was also looked into, the committee did a good job, also took a look at gas, the master plan of which had been articulated and is running.

The amendments had been made and we have put them before the NASS. Hopefully, the bill will be passed within the week and forwarded to Mr. President for assent. In fact, the president is looking to signing the PIB into law. It is a law everybody is looking out for because it means so much for the Nigerian oil and gas industry.