Stakeholders in the Nigerian oil and gas have shared the gains of implementing the Petroleum Industry Bill (PIB).
Truetells Nigeria reported that Nigeria’s Senate officially passed the Petroleum Industry Bill (PIB) on July 1 2021. The PIB seeks to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities.
The PIB contains 5 Chapters, 319 Sections and, 8 Schedules dealing with Rights of Preemption; Incorporated Joint Ventures; Domestic Base Price and Pricing Framework; Pricing Formula for Gas Price for the Gas Based Industries; Capital Allowances; Production Allowances and Cost Price Ratio Limit; Petroleum Fees, Rents and Royalty; and Creation of the Ministry of Petroleum Incorporated.
The webinar which was sponsored by 11 Plc and Emmanuel Egbogah and hosted by financial energy review was attended by highly respected stakeholders in the oil and gas industry in Nigeria.
The speakers in the event who were part and parcel of the people who worked towards the PIA bill spoke extensively on the benefits of the bill and what can be done.
One of the speakers Dr Timothy Okon, Group Cordinator Corp. Planning & Strategy • NNPC, said that the benefit of PIA is that we can process the hydrocarbon here in Nigeria and we can do so in a low price environment.
He futher explained the sections and provisions in the PIA Implementation Project Plan while stressing the benefits to the general publics and host communities.
Also speaking the president association of energy and economists, Prof. Yinka Omorogbe, said that it is bad that the communities where the oil was discovered are off grid communities, there is no electricity or any form of development. So that is what brought up this reforms which are favorable, the most important thing is to see that these reforms and provisions are implemented.
Follow the link below to watch the live records of the event:
https://us02web.zoom.us/rec/play/l_TCrfzb9uXQ1X6MxVcNnyumUqIDqlGfo8yqbclua9kG4e-KQykKgM3Q-ukGh-zPOj6ZZ2YaUtASYTGu.Ml2EGJ02wL6xVRza
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