Ministry finalises work on Petroleum Industry Bill

…Set to present document to President Buhari

There are indications that the final copy of Nigeria’s Petroleum Industry Bill, PIB would be presented to President Muhammadu Buhari for onward delivery to the National Assembly soon, as the Ministry of Petroleum Resources has completed work on the document.

An investigation by Vanguard, yesterday, showed that the PIB has also been vetted by the Ministry of Justice to ensure that all technicalities were in order.

The spokesman of the Ministry of Petroleum Resources, Mr Garba Deen, who confirmed the development in a telephone interview, said: “It is true that the Ministry of Petroleum Resources has completed work on the PIB. The Minister of State, Chief Timipre Sylva has said so. He currently looks forward to a formal presentation to President Muhammadu Buhari soon.”

It was gathered that the presidency would further vet it before sending the PIB to the National Assembly.

However, the Society of Petroleum Engineers (SPE), Nigeria Council, yesterday, said the passage of the PIB would boost investors’ confidence in Nigeria’s oil and gas industry.

Mr Joseph Nwakwue, Chairman, SPE Nigeria, made the assertion while speaking with newsmen in Lagos, ahead of the group’s Nigeria Energy Industry Transformation Summit (NEITS) taking place virtually from Aug. 25 to Aug. 27.

Nwakwue decried the non-passage of the PIB bill for almost 19 years, stressing that it had led to uncertainties that negatively impacted Nigeria’s oil and gas industry.

He said: “We used to be a choice destination for investment but I am afraid we have lost that place over time. “Key considerations for investors are resource endowment/density, fiscal terms, ease of doing business etc. “We have slipped by most measures but there is scope for a rebound if we get the PIB right.

“The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said hopefully it will be passed before the year ends; we are hoping and praying that this happens.’’

On the refineries, he said: “Nigeria is in a pole position to develop a robust domestic and regional gas market given our location and resource endowment.

“My take is that we need the right policy, a policy that incentivises and encourages private sector leadership with clearly defined objectives and milestones, properly regulated to ensure desired expectation.’