Maritime and Energy Lawyer at the Chancery Associates, Mr. Emeka Okwuosa, has said that the new PIB is a step in the right direction.
He said the bill is a watershed reform that will change the landscape of the oil and gas industry in Nigeria.
In a Paper delivered at the Nigerian Bar Association (Lagos Branch) 2013 Law Week titled: An Appraisal of the New PIB 2012, the legal practitioner said the country’s future is promising because the new PIB would open investment opportunities, unbundle the Nigerian National Petroleum Corporation for better performance and result, and create a transparent, accountable and corrupt-free energy regime.
“Critically, it is cogent and imperative that the new PIB is passed on time into Law by the National Assembly because non-passage of the new PIB is holding up investments and is impacting negatively on the Nigerian economy,” he added.
Quoting government sources, he said passage of the new PIB, will increase government revenue by more than $680bn annually.
Okwuosa said the new PIB is perhaps the most talked about piece of legislation in Nigeria given the far reaching reforms which it proposes to an industry which is the single most significant contributor to the national economy.
Originally introduced in December 2008, the Bill has undergone numerous revisions and has been the subject of intense debate, he explained.
The objectives of the new PIB, he said, were, “To enhance exploration and exploitation of petroleum resources in Nigeria and promote petroleum production for the benefit of all Nigerians.
“Significantly increase and optimise gas supplies for power generation and industrial development; and create a peaceful and conducive business environment for petroleum operations.
“Establish a progressive and investor friendly fiscal framework that encourages further investment in the petroleum industry while increasing accruable revenues to the government; among others.”
