The first tranche of the Petroleum Industry bill (PIB) famously known as the Petroleum Industry Governance Bill (PIGB) scaled through the third reading at the Senate in May 2017. If the bill scales through the house of representatives and is signed into law by the President, it will streamline the powers of the Minister of Petroleum to policy and administrative functions, split the Nigerian National Petroleum Corporation (NNPC) into three commercial entities, merge the Department of petroleum resources (DPR) and the Petroleum Product Pricing and Regulatory Agency (PPPRA) under one regulatory body while replacing “the Petroleum Equalisation Fund (Management) Board” (PEF) with “the Equalisation Fund” and in effect, repeal the Acts establishing the PPPRA, the PEF and the NNPC. While other laws currently in force in the petroleum industry such as the Petroleum Act, Oil Pipelines Act, Hydrocarbon Oil Refineries Act, will be amended accordingly, the PIGB will supersede these wherever conflicts exist with any laws on matters relating to the industry. But, what else will change as the Bill takes effect?
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