The Minister of State for Petroleum Resources, Timipre Sylva says he is optimistic that the petroleum Industry Bill (PIB) pending prior to the National Assembly will be passed just before May.
Sylva disclosed this while briefing newsmen in Abuja on Thursday.
He said that the team working on the particular PIB was at the final stage of harmonisation associated with all typically the existing versions from 2000 to date (2009, 2012, and 2018) with consideration to the concerns raised by industry players.
This, this individual said would help in order to create an enabling environment for investors as well as appropriate government take in all the oil plus gas value chain.
This individual said that will the PIB would be passed as a single bill but would likely accommodate two regulators for the sector
The PIB was unbundled into three parts: Petroleum Industry Governance Bill (PIGB), Administration & Host Communities Bill and Petroleum Business Fiscal Bill.
“Counting upon the current harmony between the Executive in addition to Legislative arms of Government, we are positive that both the Oil Industry Governance, Administration & Host Areas Bill on one hand and Petroleum Industry Fiscal Bill on the other is going to be passed within the first anniversary of this particular administration,
“In fact, we are hoping that it will become passed ahead of May, ’’ he said.
The minister of state said of which the PIB will probably be one bill, adding “ all of us are not taking it as a Bill in parts, we are going to be able to take it as a bulk bill.
” It might be exceeded as this PIB, ’’ he added.
The ressortchef (umgangssprachlich) of condition noted the fact that special focus will be placed on often the Midstream and even Downstream sectors, adding which will two government bodies were being considered with regard to the industry.
“One for that Upstream (the Commission), together with another for your Midstream & Downstream (the Authority).
“The Midstream and additionally Downstream industries will particularly open enormous opportunities for you to local traders and consequently create massive job opportunities within the country.
“For example, investments will be available in pipeline engineering design, procurement & construction, terminal operations, pipe mills, fabrication of pressure vessels, storage facilities, not to mention pipe transportation among others, ’’ he noted
According to him, open access for oil and gas transportation will certainly be fully enhanced.
On the upstream side, he stated government would come up along with more robust fiscal provision, acreage management and also drilling-or-drop programme,
“ We are not only going to help retain buyers, multitudes may join your leagues regarding high-value operators, ’’he mentioned.
. Sylva also said that the exact government plans to conduct bid rounds for new acreages inside the petroleum industry, noting, however, which usually non-passage of the PIB was delaying the very conduct from the rounds.
He or she said the decision of a government towards delay the main award involving new acreages until after the passage of finally, the PIB has been because the bill would ensure a clearer fiscal atmosphere and also eliminate the stagnation in that industry.
On Refinery revamp, he reiterated the Federal Government’s committment to make sure the refineries function optimally.
He mentioned that when the refineries become completely functional, the Federal Government intends to undertake an operations and management contract.
According to your pet, with one of the contract, experts will likely be brought in to manage the refineries effectively as well as cut down on all unnecessary costs.