THE Senate will pass into law the remaining three parts of the Petroleum Industry Bill, PIB, this quarter. Senator Tayo Alasoadura, chairman, Senate Committee on Petroleum Resources (Upstream), said this at an oil and gas industry forum in Lagos.
“We have successfully passed the Petroleum Industry Governance Bill into law. The remaining three – Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill; Petroleum Industry Host Community Bill have gone through the second reading. We expect to get the report back from the committees and will pass them into law within the next quarter,” he said.
According to Alasoadura, the conference on research and development, R&D, organised by the Nigerian Content Development and Monitoring Board, NCDMB, is apt, especially when some major oil consuming countries have set deadlines to discontinue the use of petrol and diesel starting from 2030. “The last few years have demonstrated to us the importance to us in indigenising our R&D capabilities.
The impact of a drastic reduction in oil price and the subsequent recession has taught us painful lessons. It has shown us how and why we need to be more resilient. To be resilient, we need to innovate and to innovate we need to make significant investment in R&D. That also means investing in our educational institutions so that we produce the graduates that will drive the economy.
“This means investing continuously in the education of oil and gas sector professionals, improving our ability to develop the technology, systems and processes that will improve the deficiency of the sector’s operations. It is for this reasons that capital flight is so huge. However, our major role as the legislative arm of government is to provide clear and sustainable legal frameworks that will provide a stable environment for businesses, allow for investment in infrastructure and manpower and facilitate businesses as well.”
He noted that the current 8th Assembly came on board when the economy was challenged by low oil price and recession. The situation didn’t discourage us from attending to priority bills that the nation needed to boost the economy and small and medium enterprises, SMEs.
“It is for this reason that we decided to break the jinx over the PIB after being on the table for over a decade. We needed to break it into four parts for easy passage. We have successfully passed the Petroleum Industry Governance Bill into law and remaining three will be passed soon. The PIB establishes clear role, regulations, procedures and institutions for efficient administration of petroleum industry in Nigeria, so it was key for us. It also stipulates guidelines for operations in upstream, midstream and downstream sectors.”
– Nov 10, 2017 @ 14:58 GMT |