Speaker of House of Representatives Femi Gbajabiamila says the lawmakers
\nplan to pass Petroleum Industry Bill (PIB) by April.<\/p>\n
Gbajabiamila made the announcement while speaking at a public hearing on
\nthe Bill, organised by the House ad hoc Committee on PIB on Wednesday in
\nAbuja.<\/p>\n
He said that the oil industry had been performing below expectations due
\nto the absence of national legislation.<\/p>\n
According to him, it is disappointing and frankly difficult to explain
\nhow successive governments have failed to deliver on the reform.<\/p>\n
\u201cThis public hearing allows all stakeholders to contribute to the Bill
\nfor an Act to provide legal, governance, regulatory and fiscal framework
\nfor the Nigerian Petroleum Industry, the development of host
\ncommunities, and for related matters.<\/p>\n
\u201cIt is an opportunity for all of us to collaborate to improve this Bill,
\nso when it becomes law, it will serve the best interests of all our
\npeople.<\/p>\n
\u201cThe process of engaging with stakeholders will continue beyond this
\npublic hearing to accommodate the diversity of interests and ensure all
\ncritical views form part of the deliberations that inform the final
\nlegislation.<\/p>\n
\u201cWe must first make sure our oil and gas industry is more productive,
\nmore efficient and more profitable at a time of declining global
\nprofitability,\u201d he said.<\/p>\n
Gbajabiamila explained that the PIB, when passed would address peculiar
\nand localised concerns in ways that will allow the oil and gas industry
\nto compete more effectively globally.<\/p>\n
He said that Nigeria would borrow from what had worked for other
\ncountries and implement uniquely to suit the current needs locally.<\/p>\n
The lawmaker said that the PIB was a necessary step towards reorganising
\nthe sector to respond to the new global reality of decreasing demand and
\nthe diminished profitability of fossil fuels.<\/p>\n
\u201cOur assignment here is first to ensure Nigeria\u2019s oil and gas industry
\noperates optimally for the benefit of all Nigerians.<\/p>\n
\u201cThen we must see to it that the industry generates the resources we
\nneed to prepare Nigeria for a future when fossil fuels are worth even
\nless than they are now.<\/p>\n
\u201cOther countries have woken to the challenges of the new dynamics in the
\ninternational market for crude oil and natural gas.<\/p>\n
\u201cSome have begun to adapt to these new realities, whilst others have
\nalready done so; So my charge to everyone that will be participating is
\nnot to close our minds or our ears to the views and the positions that
\nmay be advanced by various interest groups.<\/p>\n
\u201cWe are in a world, an economic world, so there must be interest groups,
\nthey will be interest groups and we cannot deny that.<\/p>\n
\u201cBut what should guide the outcome of what we do here as we accommodate
\nmore views will be what will be in the best interest of the people,\u201d he
\nsaid.<\/p>\n
Minister of State for Petroleum Resources, Timipre Silva expressed
\nhappiness that the Bill was about to be passed after 20 years of its
\nintroduction.<\/p>\n
He said that both chambers of the National Assemble have shown sustained
\ndetermination to pass the Bill.<\/p>\n
Group Managing Director, Nigerian National Petroleum Corporation,
\n(NNPC), Mr Mele Kyari said that crude oil would still be relevant in the
\nworld in the next 30 years.<\/p>\n
He said that the passage of the Bill would ensure the needed vigour and
\ntransparency that would in turn engender productivity in the petroleum
\nindustry.(NAN)<\/p>\n
Speaker of House of Representatives Femi Gbajabiamila says the lawmakers plan to pass Petroleum Industry Bill (PIB) by April. Gbajabiamila made the announcement while speaking at a public hearing on…<\/p>\n","protected":false},"author":1,"featured_media":67667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-77979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"\n