By Udeme Akpan, Sebastine Obasi & Prince Okafor
With the Petroleum Industry Governance Bill, PIGB, currently awaiting assent by President Muhamadu Buhari, stakeholders in the oil and gas industry, including the National Oil Companies, NOCs, and Independent Oil Companies, IOCs, have called for immediate assent to the bill to avoid further revenue loss in the industry.
This came as the Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, said that the PIGB largely reflects the aspirations of the industry for the emplacement of and effective policy, commercial and regulatory framework that promote growth and efficient operations.
The PIGB is first in a series of four proposed bills that constitute the legal framework for the petroleum sector reform of the Federal Government.
The three other bills that are currently undergoing various legislative processes at the National Assembly include the Petroleum Industry Administrative Bill, PIAB, Petroleum Industry Fiscal Bill, PIFB and the Petroleum Host Community Bill, PHCB.
In his keynote address at the Association of Energy Correspondents of Nigeria’s NAEC, Annual Conference 2018, Baru said: “The current National Assembly identified the bogus packaging of the PIB as a single legal instrument as a major hindrance to its passage and decide to present a number of smaller, more defined bills. One of the bills is the PIGB.
“The PIGB requires the Minister to within six months after its enactment, take such step as are necessary under the Companies and Allied Matters Act to incorporate the two entities, the Nigerian Petroleum Assets Management Company, NPAMC, and the Nigeria Petroleum Company, NPC, as companies limited by shares which will be vested with certain liabilities and assets of the NNPC.”
Baru who was represented by Group General Manager of NAPIMS, Roland Ewubare, added: “NNPC shall be an integrated oil and gas company operating as a fully commercial entity across the value chain. Essentially, it shall be responsible for all assets currently held by NNPC except the PSCs. “