The Senate has passed the Petroleum Industry Governance Bill. The PIGB is the first part of the Petroleum Industry Bill, which the National Assembly has failed to pass since 2008. To allow for easier passage of the bill, the Senate broke it into three parts.
The report on the bill, produced by the Senate joint committee on gas, petroleum (downstream) and petroleum (upstream), was presented today by Donald Alasoadura, APC-Ondo. After a clause-by-clause consideration, with few amendments, the Senate approved the bill, moving a step closer to making its ambitious contents law.
The NOC, as proposed in the bill, will be an “integrated oil and gas company operating as a fully commercial entity and will run like a private company”.
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