Legal & Regulatory

We’ll pass PIB in 2014, says Rep

Dec 30, 2013

Chairman, House Committee on Petroleum Resources, downstream sector, Dakuku Peterside, has said the National Assembly would pass the Petroleum Industry Bill, PIB, next year. Peterside, who made this disclosure at the weekend said ”both legislative chambers are at the top of the PIB and I’m sure we will pass it in 2014. “ He explained…

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Two firms on collision course over Chevron’s oil blocks

Dec 30, 2013

Barely two weeks after Chevron Nigeria Limited’s attempt to divest of 40 per cent in Oil Mining Leases (OMLs) 52, 53 and 55 resulted in a court action by one of the bidders, two other indigenous companies are heading on a collision course over the US oil multinational’s recent sale of its stakes in OMLs…

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Forces against the oil industry bill

Dec 25, 2013

But for different interests in the Nigerian economy, the Petroleum Industry Bill (PIB), which has gone through several alterations, would have been passed into law several years ago. Indeed, the Minister of Petroleum Resources, Diezani Alison-Madueke, had explained that the PIB would help to reform the way that Nigeria’s oil and gas industry is regulated,…

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Draft new revenue formula ready —RMAFC

Dec 20, 2013

The Revenue Mobilisation Allocation and Fiscal Commission on Thursday said the long awaited draft new revenue formula was ready. A statement issued in Abuja by Chairman, Public Affairs and Communication Committee, RMAFC, Ambassador Zubairu Dada, said the draft would now be forwarded to President Goodluck Jonathan in accordance with the provisions of the constitution. It…

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N1.7bn Subsidy Fraud: Judge’s absence stalls trial of oil marketer

Dec 19, 2013

The absence of the judge on Tuesday stalled the trial of an oil marketer, Samuel Owa, and a cargo surveyor, Onassis Wajutom, over alleged N1.7 billion fuel subsidy fraud. The trial could not continue before a Federal High Court, Lagos, as Justice Ibrahim Buba was said to be on an official assignment out of the…

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NNPC seeks review of tribunal’s ruling

Dec 19, 2013

The Nigerian National Petroleum Corporation (NNPC) has urged the Federal High Court in Lagos to review a ruling by the Tax Appeal Tribunal (TAT), Lagos Zone, on a dispute over an oil mining lease (OML) 118 Production Sharing Contract (PSC). It said the tribunal wrongly assumed jurisdiction in the dispute. Parties involved are the Federal…

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Malabu oil deal: Delay in circulating report stalls consideration

Dec 18, 2013

The delay in the circulation of the report of the ad hoc committee on the transaction involving the federal government, Shell, Agip and Malabu Oil and Gas Limited in respect of Oil Block OPL 245 yesterday stalled its consideration. Had the process sailed through without the problem that arose, Muhammad Abacha, son of the late…

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Ezekwesili, Peterside seek review of provisions of PIB

Dec 17, 2013

Immediate past Vice President of the World Bank (African Region), Mrs. Obiageli  Ezekwesili,  has urged that adequate provisions be made in the Petroleum Industry Bill (PIB) to address critical issues in the downstream sector of the Nigerian oil and gas industry. Ezekwesili’s appeal  came as the Chairman, House Committee on Petroleum Resources (Downstream), Hon. Dakuku…

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FG suspends planned review of Electric Sector Reform Act

Dec 17, 2013

There is an indication that the federal government has put on hold the planned review of some of the provisions in Nigeria’s eight-year-old Electric Power Sector Reform Acts (EPSR) 2005, which was championed by former Minister of State for Power, Hajia Zainab Kuchi. THISDAY gathered weekend in Abuja that the planned review, which was not…

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Court stops Chevron from sale of oil blocks to Seplat Petroleum, others

Dec 17, 2013

A Federal High Court sitting in Lagos has issued an interim junction restraining Chevron Corporation of the United States and its Nigerian subsidiary, Chevron Nigeria Limited (CNL), and their agents from negotiating the sale of Oil Mining Leases (OMLs) 52, 53 and 54, with Seplat Petroleum Development Company (SPDC) Limited or any other bidder, apart…

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