A Petroleum Refinery
The Organisation of Petroleum Exporting Countries, OPEC, Member Country Visiting team led by His Excellency Abdalla S. El-Badri who is the Secretary General of the Organisation visited Nigeria within the week to rub minds with fellow OPEC members on the intractable challenges facing the Organisation as it relates to Nigeria.
At a gala in honour of this august visitor, the deputy Senate President of Nigeria, Mr. Ike Ekwerenmadu stated that members of the upper legislative chamber are determined to pass the oil reform bill before the end of the year.
A Book Written on the PIB
Ekwerenmadu stressed the resolve of this session of the national assembly to make a difference in the nation political system by playing a leading role in positioning it among the first class league of oil producing nations of the world.
Ekwerenmadu said this can only be achieved when there is a smooth passage of the Petroleum Industry Bill (PIB )which is designed to provide a legal and regulatory framework for the oil industry.
According to Ekwerenmadu ”the timing of this visit which is coming after we just completed the successful amnesty programme is very good for Nigeria. We want to take our rightful place in OPEC as a leading producer of oil and gas and the passage of the PIB will help us to achieve that effectively”.
The Petroleum Industry Bill is a proposed legislation currently before the National Assembly through which the federal government is seeking to set out a new legal regulatory and fiscal framework for the organization and operation of the entire oil and gas industry in Nigeria. The PIB is therefore based on the report of the Oil and Gas Sector Reform Implementation Committee (OGIC) set up by the Nigerian Government in the year 2000 to carry out a comprehensive reform of the oil and gas industry.
Further to the PIB bill are the suggestions and recommendations of the Inter-Agency Team set up by the Nigerian government which has also been incorporated into the bill as a form of a memorandum and sent to the National Assembly for ease of reference and comparative analysis.
The proposed PIB law, therefore, is a reform legislation which aims to establish in place of the existing myriad of legislative and administrative instruments, an omnibus legislation that will establish clear rules, Procedures, and institutions for effective administration and control of the Petroleum Industry in Nigeria.