The Chairman Board of Governors, the Petroleum Club, Lagos, Godswill Ihetu, has stated the Petroleum Industry Bill (PIB), if handed into legislation would tackle inefficiencies, and ensure strong laws in the Oil and Gas trade.
Speaking at a workshop on PIB organised by Petroleum Club in Lagos just lately, he famous that the reform of the petroleum trade, which was speculated to take the sector to larger heights commenced in 12 months 2000.
The goal of the reform was to ensure that the administration of Nigeria’s petroleum assets was in line with world greatest practices.
Ihetu stated: “since Year 2000, the method has encountered one impediment or one other.
The continued delay of the passage of the Petroleum Industry Bill (PIB), because the coverage reform doc got here to be recognized, created a local weather of coverage uncertainty in the administration of the petroleum sector in Nigeria.
This lack of coverage readability led to a diminished degree of recent investments, which went elsewhere.
“In addition, regulations were weak and outdated, and needed to be strengthened and updated. Hopefully, this new PIB, when it becomes a law, will address these shortcomings.”
He argued that ‘one of many causes for the delay in passing the Petroleum Industry Bill was the sheer measurement of the doc.
“However, the eighth National Assembly determined to interrupt up the doc into 4 sections, specifically: the Petroleum Industry Governance Bill (PIGB), the Petroleum Industry Administration Bill (PIAB), the Petroleum Industry Fiscal Bill), and the Petroleum Host Communities Bill (PHCB).
Last month, the National Assembly lastly handed the PIGB, which, I perceive, has been transmitted to Mr. President for his assent,” he added.
The professionals on the workshop additionally insisted that correct accountability should even be in place for PIB to successfully work in the nation. They argued that the stakeholders have to be accountable to most people, including that extreme authorities management should even be checked.
Specifically, they argued that the Petroleum Equalisation Fund (PEF), can be will not be wanted, including that efficient implementation of the invoice is essential.
Resource individuals on the programme included: Prof, Wumi Iledare, Osten Olorunsola, Dr. Adeoye Adefulu, and Adeyemi Akisanya.