A Bill for an Act to provide for the administrative framework for the Nigerian Petroleum industry and for other matters connected therewith, Thursday, 27th July, 2017 passed through second reading in the Senate. The bill was read the first time on the 25th day of July 2017 .
The Bill, which is sponsored by the Chairman, Senate Committee on Gas, Senator Bassey Albert Akpan(OBA) and co-sponsored by all members of Senate Committees on Gas Resources, Petroleum Downstream and Petroleum Upstream seeks to provide for a new legal framework for the administration of the upstream, midstream and downstream sectors of the Nigeria petroleum industry.
It also seeks to provide effective administration of the entire industry and to open up the industry for investment and growth. Leading the debate today on the floor of the Senate, Senator Bassey Albert (OBA) said the objectives of the Bill include creating a robust legal framework for the administration of upstream licenses and leases; providing regulations for the organization of the midstream operations and gas market, and setting out the procedures for administration of licensing and operations of the downstream sector.
According to Senator Albert, the Bill will reform the administration of the upstream sector by providing for an appropriate and transparent management system for licenses and lease award, assignment, acquisition, relinquishment and renewal , clear rules for domestic gas supply obligation, environmental quality management, abandonment and decommissioning as well as health, safety and environment and prohibition of gas flaring.
Also on Thursday, other components of the Petroleum Industry Bill also passed second reading in the Senate. They are: C A Bill for an Act to provide for framework relating to Petroleum Producing Host Community’s Participation, cost and benefit sharing amongst the government, petroleum exploration companies and petroleum host communities and for related matters.
The Bill is sponsored by Chairman, Senate Committee on Petroleum Downstream, Senator Kabir Garba Marafa and co-sponsored by members of committees on Gas and petroleum upstream. C A Bill for an Act to establish a fiscal framework that encourages further investment in the petroleum industry whilst increasing accruable revenues to the Federal Government of Nigeria and for other matters connected therewith. It is sponsored by the Chairman, Senate Committee on Petroleum Upstream, Senator Alasoadura Omotayo and co-sponsored by members of committees on Gas and petroleum downstream.
The Senate had earlier dealt with the issue of inefficient and poorly segmented regulatory entities and reformed the extant poorly structured commercial entity when it graciously passed the Petroleum Industry Governance Bill (PIGB) on Thursday, May 25, 2017.
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