President Muhammadu Buhari has transmitted the much awaited Petroleum Industry Bill 2020 to the National Assembly and has proposed the creation of the Nigerian National Petroleum Company Limited.
The bill, also proposes the scrapping of the Nigerian National Petroleum Corporation and the Petroleum Products Pricing Regulatory Agency.
The bill states that the NNPC Limited will be incorporated by the Minister of Petroleum, who together with his finance counterparts, will determine NNPC’s assets and liabilities that will be inherited by the new firm.
The bill also proposes the establishment of an agency known as the Nigerian Upstream Regulatory Commission which will be responsible for the technical and commercial regulation of upstream petroleum operations.
The Nigeria’s long-awaited oil reform bill would privatise the Nigerian National Petroleum Company (NNPC), amend changes to deep water royalties made late last year and scrap key regulatory agencies in favour of new bodies, a copy of the bill seen by Reuters showed.
President Muhammadu Buhari has sent the bill to the Senate, two sources told Reuters. It, along with the House of Representatives, must sign off on the bill before it can become law. Nigeria is Africa’s largest crude exporter.
The legislation has been in the works for the past 20 years and looks to revise laws governing Nigeria’s oil and gas exploration not fully updated since the 1960s because of the contentious nature of any change to oil taxes, terms and revenue-sharing.
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