The lead consultant to the Senate on the PIB and former Director of the Department of Petroleum Resources (DPR), Mr. Austin Olorunsola, speaking on Thursday, at the 55th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), said barring any last minute change, the long awaited Petroleum Industry Bill (PIB) will be ready in the next two weeks, The Sun reports.
He said the remaining three parts of PIB, which included the Downstream Oil and Gas Administration; Petroleum Fiscals; Petroleum Revenue Management and Petroleum Host Community Fund (PHCF) would be presented for public hearing in two weeks. Recall that the Senate had in May 2017, passed the Petroleum Industry (Governance) Bill (PIGB) focusing only on the administrative aspect of the proposed law.
Olorunsola explained that the original PIB was split into logical parts for easy legislative work to allow the individual parts to be expeditiously considered and passed one after the other, and where amendments are required in the future, they can be separately considered. The lead consultant also told oil and gas stakeholders at the event that Nigerians should expect a radical PIB in terms of legislative provisions.