The Nigerian Senate has passed the Petroleum Industry Governance Bill, the long-awaited legislation that promises broad reforms to the nation’s oil and gas industry, Premium Times reports.
The report on the bill, produced by the Senate joint committee on gas, petroleum (downstream) and petroleum (upstream), was presented on Thursday by Donald Alasoadura, APC-Ondo. After a clause-by-clause consideration, with few amendments, the Senate approved the bill, moving a step closer to making its ambitious contents law.
Amongst other objectives, the petroleum bill seeks to introduce reforms that would engender transparency, while at the same time making the oil and gas sector more business-oriented and profit-driven.
If eventually passed by the House of Representatives and signed by the president, the bill will restructure some organisations like the Nigerian National Petroleum Corporation and the Department of Petroleum Resources, while setting up new ones like the National Oil Company.