Thelong awaited Petroleum Industry Bill (PIB) may soon be passed into law by the 7th Senate,the Chairman Senate committee on gas resources, MrsNkechiNwaogu has said.
The bill which was proposed by the federal government in 2008, when passed into law is said to create investments and employment opportunities, attract local investors, and create an industry that is open free, fair and transparent.
MrsNkechiNwaoguwho spoke at the ongoing Oil and Gas Conference in Abuja, said the bill which consists of 16 legislations which was brought together to promote efficiency, has just passed the second reading and at present, is at the technical stage.
She said the nations is currently on a standstill because investment in oil and gas has been delayed due to the delay in the passage of the bill, adding that when passed into law by the seventh senate, the bill will open up doors for investments and improve Nigeria’s revenue generation.
Senator Nwaora while calling on stakeholders to be patient with the senate said the bill cannot be splitter into parts, but will be passed by the senate after due process.
Giving the keynote address, the Permanent Secretary, Federal Ministry of Petroleum Resources, MrDanladiKifasi, said the PIB is a strategic initiative of government to ensure life gets better for Nigerians, he added that the bill will create robust encreage management system to grow the nations reserve.
“The changes proposed in the bill will create investment in the Nigeria deep water which currently contains over 67million barrels of oil and ranks top in Africa. The PIB proposes a liberalised gas market structure, gas distribution and supplies and also provides a policy framework for investment, the downstream regulations will also bring about market liberalism”, he said.
Stakeholders at the conference decried the delay in the passage of the bill;they called on the National Assembly to pass the bill in phases to open up doors of investment.