The Petroleum Industry Bill: Getting To The Yes (English Edition)

This book deals with various aspects of the proposed Petroleum Industry Bill (PIB) that attempts to bring under one law the various legislative, regulatory, and fiscal policies, instruments and institutions that govern the Nigerian Petroleum industry. The idea of a PIB began in 2007, following the recommendations of a Presidential Committee set up to carry out oil and gas sector reforms in Nigeria. The Nigerian PIB was first introduced in 2008 with the objective of enhancing exploration and exploitation of petroleum resources. In spite of the subsequent introduction of different versions of the Bill, a number of factors contributed to the delay in passing it into law. Among them is its bogus packaging as a single legal instrument, which made its passage into law difficult. The realisation of this fact necessitated the decoupling of the Bill into a number of different, better-drafted Bills with improved provisions on the subjects contained in the Petroleum Act. In addition, the book also highlights the consensus among all stakeholders that the governance and institutional structures of the industry need a major overhaul and the fiscal provisions of the PIB 2012 were not pro-investment and needed to be reviewed.