By Umar Muhammad Puma
The House of Representatives has passed the Petroleum Industry Governance bill through its third and final reading.
The Bill titled “A Bill for an Act to Provide for the Governance and Institutional Framework for the Petroleum Industry and for Related Matters (HBs. 477, 878 and 1053)”
The Bill which was presented by the ad-hoc committee chairman Rep Alhassan Ado Doguwa (APC Kano), seeks to introduce reforms and transparency, in the oil industry, and also make the oil and gas sector more business-oriented and profit-drive.
The bill also seeks to unbundle the Nigerian National Petroleum Corporation, NNPC, and provide for the establishment of Federal Ministry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company and National Petroleum Company and Petroleum Equalisation Fund.
The bill further provides that upon the recommendations of the new commission, the Minister of Petroleum Resources can grant, amend, renew, extend or revoke any licence or lease required for petroleum or production, pursuant to the provisions of the Act or any other enactment.
The power for issuing and revoking licenses was also domiciled in the commission, as well as allocating petroleum production quotas in a non-discriminatory manner.
Following these development, the House has concurred with the Senate, and will now be transmitted to presidential for his assent.