Nigerian Senate set to pass Petroleum Industry Bill

Senate President David Mark gave an assurance that the National Assembly would pass a responsive content of the Petroleum Industry Bill (PIB).

Mark said in Abuja that when passed, the bill would bring the needed opportunities and improvement stakeholders in the oil industry are yearning for, adding that it would represent a watershed in the nation’s oil industry.

He said the National Assembly is conscious in addressing some issues raised by some players in the industry and asked for a softer version of the bill.

He insisted that whatever decision reached would definitely be of a collective interest of Nigerians.

Speaking while receiving the National Executive of the South-East and South-South Professionals (SSSEP), led by Dr. Emeka Ugwu-Oju, Mark said the interest of the lawmakers is to ensure a fair share and open doors for favourable environment for all players in the industry.

He stressed that “the bill must find a fair balance to allow the government extract value during good times and ensure continued investment during tough times.

“Looking at the potential, the industry still has a lot to offer to the country. There is the need for all parties to continue to dialogue, because if we implement the bill properly, it has the potential to transform the industry.”