The Group Managing Director, Nigerian National Petroleum Corporation
(NNPC), Dr. Ibe Kachikwu has said a lot of engagement is required to
address all the issues in the Petroleum Industry Bill (PIB), following
the changes in the oil and gas environment.
According to him, the state-run oil firm would need at least one year
to review the legislation before getting it back on track.
He said: “PIB is a serious affair, it is an essential piece of legislation but as we all know, a lot of engagement is required to address all the issues because the oil and gas environment has changed. “There are issues of cost, with oil going down to $40 per barrel, the PIB cannot be the same.”
The bill has been pending in the National Assembly over the last seven years.
Its Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, in a statement explained the GMD spoke while chairing a special session on the proposed law at the ongoing 55th Annual General Conference of the Nigerian Bar Association in Abuja.
The session had Legal and regulatory framework of the petroleum industry in Nigeria: Review of existing Laws and the Petroleum Industry Bill (PIB) as its theme.
He described the bill as an essential legislation which must be approached with all seriousness and thoroughness.
On what the Federal Government intends to do with the draft legislation, Dr. Kachikwu said the PIB has come to stay, though it would require some time to perfect the draft.
He said: “PIB is a serious affair, it is an essential piece of legislation but as we all know, a lot of engagement is required to address all the issues because the oil and gas environment has changed. “There are issues of cost, with oil going down to $40 per barrel, the PIB cannot be the same.”
The bill has been pending in the National Assembly over the last seven years.
Its Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, in a statement explained the GMD spoke while chairing a special session on the proposed law at the ongoing 55th Annual General Conference of the Nigerian Bar Association in Abuja.
The session had Legal and regulatory framework of the petroleum industry in Nigeria: Review of existing Laws and the Petroleum Industry Bill (PIB) as its theme.
He described the bill as an essential legislation which must be approached with all seriousness and thoroughness.
On what the Federal Government intends to do with the draft legislation, Dr. Kachikwu said the PIB has come to stay, though it would require some time to perfect the draft.
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