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Nigeria’s Petroleum Industry Bill passes first reading

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Nigeria’s Petroleum Industry Bill (PIB) 2020 on Wednesday passed the first reading at the Senate. The Senate President, Ahmed Lawan, directed that copies be made available to all senators by Thursday morning.

The legislation has been in the works for the past 20 years, and the main laws governing Nigeria’s oil and gas exploration have not been fully updated since the 1960s because of the contentious nature of any change to oil taxes, terms and revenue-sharing within Nigeria.

But reforms and regulatory certainty became more pressing this year as low oil prices and a shift towards renewable energy made competition for investment from oil majors tougher.

The alignment of both chambers with Buhari’s All Progressives Congress party has also given the reforms the best chance of passage in years.

More details of the bill to follow..

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