• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 17 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 15 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 16 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 15 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 16 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 17 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 18 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day Itt looks like natural gas may be at its lowest price ever.
  • 19 hours Saudi A to Splash $100 Bln on India
  • 12 hours Washington Eyes Crackdown On OPEC
  • 14 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 1 day NEW FERUKA REFINERY
How Long Will This Oil Rally Last?

How Long Will This Oil Rally Last?

Oil prices have been trading…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Nigeria Approves Petroleum Industry Bill After 17 Long Years

Nigeria

A 17-year-old effort by the Nigerian government to stimulate growth and transparency in the petroleum industry is taking a step forward in the country’s legislature, according to a new Reuters report.

The lower house of the Nigerian parliament passed a version of the bill identical to one approved by the Senate in 2017. This marks the first time the same version of the bill has been passed by both houses. Now the president just needs to ink the Petroleum Industry Bill to make it a law.

“The PIGB, as passed yesterday, is the same as passed by the Senate. We have harmonized everything and formed the National Assembly Joint Committee on PIB,” Alhassan Ado Doguwa, a key PIB lawmaker in the House of Representatives, told reporters on Thursday. “Every consideration of the bills is now under the joint committee. We have broken the jinx after 17 years. We are working on the other accompanying bills.”

New taxation legislation will follow the passage of this bill, potentially making it even more attractive for foreign oil and gas majors to pursue projects in Nigeria – particularly in the offshore sector.

“It’s an unprecedented step forward. The PIB is something that has defied the last two governments,” Antony Goldman of PM Consulting said. “The detail of what is agreed will determine the extreme to which the bill takes politics out of the sector and tackles systemic corruption.”

Nigeria is due for presidential and national assembly elections in February 2019, making 2018 critical for incumbent President Muhammadu Buhari, who has led the country through three years of bearish oil markets and recovered crude output after months of attacks from Niger Delta militants. If Buhari signs the bill, it would complement his push to rid his nation’s oil business of corruptive forces.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News