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President Muhamamdu Buhari-led Federal Government may have renamed the Petroleum Industry Bill (PIB) as Petroleum Reform Bill (PRB), Guardian reports.
The draft bill is expected to be submitted to the National Assembly in the next few weeks.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, consistently referred to the PIB as PRB, while speaking On Monday in Abuja at the Nigeria Gas Association (NGA) 10th international conference and exhibition.
According to Kachikwu, “On the Petroleum Reform Bill, we are in the process of completing a draft legislation. A draft Petroleum Reform Bill (PRB), which will address institutional regulatory reforms necessary for the petroleum sector, would be passed to the Senate to include amongst the basket of proposals that they have.
“The draft bill will capture the key positions including addressing the current gap in the petroleum act by providing clear rules for the exploration, development and utilisation of gas. It would also address other issues that are critically important to government and investors such as the issue of gas flaring, gas pricing, and provide the basis for gas licensing of activities throughout the gas value chain.”
The draft bill is expected to be submitted to the National Assembly in the next few weeks.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, consistently referred to the PIB as PRB, while speaking On Monday in Abuja at the Nigeria Gas Association (NGA) 10th international conference and exhibition.
According to Kachikwu, “On the Petroleum Reform Bill, we are in the process of completing a draft legislation. A draft Petroleum Reform Bill (PRB), which will address institutional regulatory reforms necessary for the petroleum sector, would be passed to the Senate to include amongst the basket of proposals that they have.
“The draft bill will capture the key positions including addressing the current gap in the petroleum act by providing clear rules for the exploration, development and utilisation of gas. It would also address other issues that are critically important to government and investors such as the issue of gas flaring, gas pricing, and provide the basis for gas licensing of activities throughout the gas value chain.”
