President Muhammadu Buhari said yesterday he was committed to Nigeria’s reform, saying he would assent to the Petroleum Industry Governance Bill, PIGB, as soon as the National Assembly presented it to him. He also appealed to worrkers in the oil and gas sector to accord maximum cooperation to his administration to deliver on his promise […]
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President Muhammadu Buhari, yesterday, in Abuja said that reforming the Petroleum Industry was necessary to unlock untapped potentials for the nation but added that he will not be in a rush to carry out such reforms to protect Nigeria’s interest. Buhari said reforms in the industry must be well thought-out and have the best interest […]
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President Muhammadu Buhari has said to demonstrate his commitment to Nigeria’s reforms, that he would give assent to the Petroleum Industry Governance Bill, PIGB, as soon as the National Assembly presents it to him. This was as he appealed to workers in the oil and gas sector to accord maximum cooperation to his administration in […]
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Stakeholders in the Nigerian petroleum industry have stated that the delay in passing the Petroleum Industry Bill, PIB, into law has resulted in a lot of leakages, theft and sabotage in the industry. They made this assertion in a communiqué issued at the roundtable on the PIB in Abuja. The stakeholders averred that Nigeria’s competitive […]
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The decision by the Nigerian National Petroleum Corporation (NNPC) to seek alternative financing models for funding its Joint Venture (JV) obligations has continued to restore confidence among investors and stimulate further Foreign Direct Investments (FDI) in the nation’s oil and gas industry. Group Managing Director of the Corporation, Dr. Maikanti Baru, disclosed this while speaking […]
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The National Assembly has transmitted the Petroleum Industry Governance Bill to President Muhammadu Buhari for signing into law, correspondent learnt on Tuesday. The PIGB seeks to unbundle the Nigerian National Petroleum Corporation, among others. A source at the Senate told our correspondent that the bill was transmitted to the President for assent on July 3, […]
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The Nigeria Union of Petroleum and Natural Gas Workers says it is worried about the delay in the passage of the remaining parts of the Petroleum Industry Bill and has called on the National Assembly to see to its passage without further delay. The National President, NUPENG, Williams Akporeha, said on Friday that the delay […]
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The delay in the passage of the Petroleum Industry Bill is threatening an average capital expenditure of $8.4bn per year expected to be spent on 249 oil and gas fields in Nigeria between 2018 and 2020. Capex into Nigeria’s oil and gas projects would add up to $25.3bn over the three-year period in upstream capex […]
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The delay in passing the Petroleum Industry Bill (PIB) is said to have cost the country over $200 billion, the Executive Secretary of Nigerian Extractive Industry Transparency Initiative (NEITI), Mr. Waziri Adio, has disclosed. Adio stated this at a symposium on the Next Steps for PIB convened by NEITI in Abuja yesterday. A worried Adio […]
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Nigeria has moved closer to turning an oil industry bill into law after a 17 year struggle to complete the legislation which aims to increase transparency and stimulate growth in the country’s oil industry. Nigeria’ lower house of parliament has passed a version of the bill which is the same as one approved by the […]
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Barring any last minute change, the long awaited Petroleum Industry Bill (PIB) will be ready in the next two weeks. The Lead Consultant to the Senate on PIB and former Director of the Department of Petroleum Resources (DPR), Mr. Austin Olorunshola, who gave the timeline yesterday, at the 55th anniversary of the Oil Producers Trade […]
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Nigeria’s Senate President, Dr. Bukola Saraki, has said the upper chamber of the National Assembly is working to ensure the completion of the passage of the Petroleum Industry Bill in the fourth quarter of this year. Saraki stated this in Lagos on Monday at the Nigeria Oil and Gas Industry Research and Development Fair and […]
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