The Nigeria Extractive Industries Transparency Initiative (NEITI) has described President Muhammadu Buhari’s assent to the Petroleum Industry Bill (PIB) on Monday as a historic development with great potential for sustainable growth of the nation’s hydrocarbon resources industry. The organisation’s Executive Secretary, Dr. Orji Ogbonnaya Orji, in a statement signed on his behalf by NEITI’s Head […]
The Senate on Wednesday summoned the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, to appear before it tomorrow to brief the lawmakers and make clarifications on the Petroleum Industry Bill (PIB). The summon, which was made by the Senate President, Ahmad Lawan, during plenary, requires the NNPC boss to […]
Delta Governor, Ifeanyi Okowa, on Monday said Nigeria’s hydrocarbon resources industry was losing substantial investments due to delay in the passage of Petroleum Industry Bill (PIB). Okowa made this remark when he received on courtesy visit, the Co-Chairman, National Assembly Joint Committee on Petroleum Industry Bill, Rt. Hon. Mohammed Monguno and members of the committee […]
The Lagos Chamber of Commerce and Industry (LCCI) has expressed fears that some provisions of the new Petroleum Industry Bill (PIB) could adversely affect sustained growth of the oil and gas industry if the Bill is passed into law in its present form. It, therefore, canvassed the need for the National Assembly to re-appraise the […]
The House of Representatives Ad-hoc Committee on Petroleum Industry Bill (PIB) has asked Nigerians to make input into the Legislature’s deliberations on the Bill now before it by submitting their memoranda before finally passing it into an Act. Chairman of the Ad-hoc Committee, Hon Mohammed Monguno, made the appeal on Wednesday during the committee’s inaugural […]
The Petroleum Industry Bill (PIB) on Tuesday passed through for second reading at the House of Representatives after being dogged by controversies among lawmakers several years after its submission by the Executive for passage. Precisely, the PIB was initiated by the Executive Arm of government about 18 years ago to promote transparency in the nation’s […]
The House of Representatives on Tuesday concurred passed the Offshore and Inland Basin Production Sharing Contract Act 2014 amendment Bill, thereby concurring with the upper chamber’s earlier stance on the provisions. Specifically, following the second and third readings of the bill during plenary, the lawmakers amended Section 5 of the principal Act, which now reads: […]
President of the Senate, Ahmad Lawan, on Monday said that the Petroleum Industry Bill (PIB) to be introduced by the National Assembly for consideration next year was not aimed at frustrating the operations of International Oil Companies (IOCs) in Nigeria. Lawan made this known when he hosted the French Ambassador to Nigeria, Jerome Pasquier, at […]
The President of the Senate, Ahmad Lawan on Monday said that the current move by the National Assembly to amend the Production Sharing Contract (PSC) Act was necessary for the country in order to generate more revenues from oil and gas endowments. The lawmaker made the clarification while declaring open a public hearing on the […]