• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours Reality catching up with EV forecasts
  • 10 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 10 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 3 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
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

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.

ADVERTISEMENT

“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.”

ADVERTISEMENT

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

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News