Home Business Today Oil and Gas Petroleum Industry Bill Strips Presidency Oil Block Right.

Petroleum Industry Bill Strips Presidency Oil Block Right.

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The office of the president would no longer enjoy the discretionary power to award oil blocks if the provisions of the Petroleum Industry Bill (PIB), as prepared by the House of Representatives are adopted and passed into law.

The bill will also strip the Minister of Petroleum Resources of its power over agencies and departments under the Ministry, while giving Nigerians more say in the running of the Nigerian National Petroleum Corporation  (NNPC) and the Nigerian Gas Company or their successors as a large part of their shares are to be sold to Nigerians through public offers at the Nigerian Stock Exchange.

These, among others, are the provisions contained in the PIB report on the floor of the House in Abuja, yesterday. The Chairman, Ad hoc Committee on PIB, Ishaka Bawa, laid the report at plenary.

However, the report has not been considered or adopted by the House.

Bawa, while presenting the executive summary of the report to the press after plenary, said it took the Committee that was inaugurated on November 15, 2012 over two years to complete its work.

He said the 23-member Committee took cognisance of the technicalities of the sector and the lasting effects the recommendations in the bill are likely to have on Nigerians and stakeholders in the oil and gas industry.

The objectives of the bill, according to him, are to create a conducive business environment for petroleum operations, enhance exploration and exploitation of petroleum in Nigeria for the benefit of Nigerians.

Source: http://bizwatchnigeria.ng

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