Review Of The Petroleum Industry Governance And Institutional Framework Bill

Posted On 14 January, 2016

INTRODUCTION

Many commentators and stakeholders, in the Nigerian oil and gas industry have called for the much-publicized Petroleum Industry Bill to be enacted into law in piecemeal. Thus, it comes as no surprise that there is presently in circulation, an Executive sponsored Bill titled the “Petroleum Industry Governance and Institutional Framework Bill 2015” (the “Bill”), which we understand is yet to be formally presented to the National Assembly. From the long title of the Bill, it would appear that same makes provision for the governance and institutional framework for the petroleum industry and other related matters.

The main objectives of the Bill include:

• the creation of efficient and effective governing institutions with clear and separate roles for the petroleum industry;

• establishment of a framework for the creation (out of existing government-owned entities) of commercially oriented and profit driven entities that will ensure value-add and internationalization of the petroleum industry;

• the promotion of transparency and accountability in the petroleum industry; and

• the creation of a conducive business environment for operators in the petroleum industry.

Presumably, the intent of the proponents of the Bill is to ensure that there is a high level of transparency in the Nigerian Petroleum Industry whilst at the same time ensuring that the industry is commercially driven and attractive to potential investors. Highlighted below are salient provisions of the Bill, which may impact the Nigerian Petroleum Industry, if same is passed into law in its current form.

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