Page 4 - AfrOil Week 30

AfrOil COMMENTARY AfrOil

Nigeria taking steps

to push new oil law ahead

Abuja claims to be on the verge of submitting the Petroleum Industry Bill to the National Assembly

NIGERIA’S government is reportedly making investment.
a push to bring its new oil law to the National “It has not been watered down,” he said dur-
WHAT: Assembly for a vote. ing an interview with Arise News. “I don’t know
After a wait of more Timipre Sylva, Minister of State for Petro- who has seen the bill. It’s still in draft. It has gone
than 10 years, Abuja is leum, said in mid-July that the latest version of through several modifications. That’s the whole
reportedly ready to seek the long-delayed Petroleum Industry Bill (PIB) idea. You can’t change the laws very easily.”
approval for its Petrole- would be submitted to legislators within two He also defended the government’s slow
um Industry Bill. weeks. The federal government is eager to begin progress on drawing up the PIB, saying that the
the process of seeking approval for the draft law, delays had allowed Abuja to craft a strong ver-
WHY: he said. Doing so will help eliminate roadblocks sion of the law that would not have to be revised
The slow pace of to investment, he added. or replaced any time soon.
negotiations on the new “It tells you that when we are able to pass the
oil law has discouraged The government’s defence bill, it won’t change for a long time because it
investors.
Sylva also pushed back against critics of the has taken us about 20 years to get to where we
WHAT NEXT: PIB. He did not divulge specific details of the are,” he said. “It’s now ready to go to the National
If the legislation takes proposed legislation but asserted that the gov- Assembly.”
effect, Nigeria’s next ernment had drawn up a well-formulated and Additionally, Sylva noted that Abuja had
offshore licensing round comprehensive bill that would protect Nige- worked hard to consider the interests of all par-
may draw more interest. ria’s interests while also facilitating foreign ties involved in the oil and gas sector.

P4 www. NEWSBASE .com Week 30 29•July•2020