Nigeria Draft Oil Reforms Seek to Establish Powerful Industry Regulator
Nigeria’s Government plans to create a powerful energy regulator with broad oversight of the oil
& gas sector, according to draft versions of sweeping reforms known collectively as the Petroleum Industry Bill (PIB).
The draft laws, posted on the Nigerian legislature’s website on 30 April, are the versions intended for the Senate, the upper house of parliament.
The PIB aims to improve transparency, attract investors, stimulate growth and increase Government revenues.
After being debated for well over a decade, the unwieldly and contentious legislation was broken into sections to help it pass into law.
The governance part of the bill was passed by both houses of parliament in January. However, that section has not yet been signed into law by President Muhammadu Buhari, who is also Nigeria’s oil minister.
The inability to pass the law and uncertainty around taxation has stunted investment in the West African nation, particularly in deepwater oil & gas fields.