Oil Sector: APC Governors hail Buhari for signing PIB into law

…Say act presents party’s commitment to restructure economy Godwin Amunde The Progressive Governors Forum (PGF), the umbrella body of Nigerian governors elected on the platform of the ruling All Progressives Congress (APC), has commended President Muhammadu Buhari for signing the Petroleum Industry Bill into law. The APC Governors said the signing of the Bill into law presents a convincing credential of the commitment of APC to restructure Nigerian economy through democratic process in line with provisions of the 1999 Nigerian Constitution as amended This was contained in a statement titled ‘Petroleum Industry Act: Democratically Changing Nigeria,’ signed by…

Read More

President Buhari signs Petroleum Industry Bill into law

President, Muhammadu Buhari has today signed the Petroleum Industry Bill (PIB) 2021 into law. This was contained in a statement issued by the President’s Special Adviser, (Media and Publicity), Femi Adesina, on Monday. According to the presidential spokesman, the president assented to the Bill on Monday in his determination to fulfill his constitutional duty. The statement also disclosed that Buhari has been working from home since his arrival in respect to five days’ quarantine, as required by the Presidential Steering Committee on Covid-19 after returning from London on August 13.…

Read More

PIB: FG opts for townhall, urges host communities to use 3% equity judiciously

…Introduces new yellow card for travellers The Federal Government has revealed that it will engage oil producing communities in the Niger Delta on issues regarding the 3% of operational costs allocated to them in the just-passed Petroleum Industry Bill, (PIB). The Minister of State, Petroleum Resources, Timipre Sylva, disclosed this in Abuja when a group of Ijaw elders, leaders and critical stakeholders visited him to congratulate him on the passage of the PIB after 20 years. Sylva, who tasked host communities on effective management of the funds, lamented the situation…

Read More

‘Petroleum Industrial Bill unfavourable to North’ — CNG

The Pan-Arewa socio-political organisation, Coalition of Northern Groups, (CNG), has accused some members of the National Assembly of forging ahead with the passage of the Petroleum Industrial Bill, (PIB), even with the knowledge that it would not favour the northern part of the country. The group explained that if the PIB scales through, the North will secure a mere 30% of the profit to be used for oil exploration in some parts while the South would get the lion share because of oil discovery in the region. The CNG’s Spokesperson,…

Read More

“Passed PIB is satanic, embarrassing” – Edwin Clark

Elder statesman, Chief Edwin Clark, has faulted the Petroleum Industrial Bill, (PIB), which was recently passed by the National Assembly. The elder statesman disclosed this in an open letter addressed to the Senate President, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila. According to Clark, the PIB dashed the hopes of the people of the Niger Delta region, adding that it is “satanic, unjust, embarrassing.” This is as he condemned the provision and allocation of 30 percent of profits to the frontier exploration of oil in…

Read More

NASS: Representatives of oil communities throw blows over PIB

The on-going public hearing on the Petroleum Industry Bill (PIB) hit a snag yesterday, as members of the host communities exchanged blows with opposing Rep members during the hearing over who should represent oil producing areas. The host community is an integral part of the PIB; however, issue of representation caused the pandemonium.  The leaders of the oil-rich areas, under the aegis of the ‘Host Communities of Nigeria Producing Oil and Gas’, had on Tuesday openly rejected the 2.5 percent proposed for them in the PIB 2020, being considered by the joint…

Read More

PIB: Lawyers advocate restructuring of petroleum ministry

Abuja-based lawyers, Messrs Pelumi Olajengbesi and Henry Kelechukwu, have appealed to the National Assembly (NASS) to ensure that the proposed Petroleum Industry Bill (PIB), 2020 was tailored to strengthen the policy arm of the petroleum industry and the Ministry of Petroleum Resources. The lawyers made the appeal in a memorandum on the PIB they jointly signed and addressed to the Senate Committee on Gas Resources in Abuja on Wednesday. Olajengbesi and Kelechukwu, both Senior partners at the Law Corridor, an Abuja-based law firm, stated that the bill should be properly…

Read More

PIB: NNPC will partner media for information sharing – Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari says the corporation will partner with the media to ensure Nigerians are properly informed on the new Petroleum Industry Bill (PIB). Kyari gave the assurance at the 3rd Valuechain Magazine Annual Lecture and awards in Abuja on Monday. The lecture is titled: “The role of Media in the Nigerian Petroleum Industry Reform and Investment’’. “We are open to partnerships with the media in terms of capacity building, especially as it relates to the PIB. “I am of…

Read More