PIB to be passed mid-2020 – Sylva

The Minister of State for Petroleum Resources, Timipre Sylva, said on Wednesday the review of the Petroleum Industry Bill (PIB) is now at an advanced stage and the bill would be passed by the middle of this year.

Sylva stated this in a New Year message released in Lagos.

The minister, who reviewed the performance of the petroleum ministry, described 2019 as a very busy and prosperous year for the ministry and its agencies.

He said the ministry’s achievements included Amendment of the Deep Offshore (and Inland Basin Production Sharing Contract) Act and signing of Final Investment Decision on the Nigerian Liquefied Natural Gas (NLNG) Train 7 project.

Others, according to Sylva, were the discovery of crude oil in the Upper Benue Trough, the hosting of the Extraordinary Session of the Council of Ministers of the African Petroleum Producers Organisation and the emergence of Nigeria’s Dr. Omar Ibrahim as its Secretary-General of the organisation.

He said: “We thank every Nigerian, all our key stakeholders, heads of agencies of the ministry: Nigerian National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR), Petroleum Technology Development Fund (PTDF) and Nigerian Content Development and Monitoring Board (NCDMB).

“Also, to the Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalisation Fund (PEF) (Management) Board, Nigerian Nuclear Regulatory Authority (NNRA), the Petroleum Training Institute (PTI) and every member of staff, for all the support.

“We look forward to delivering on all our aspirations as we remain committed and focused in the New Year.”

SOURCE: Vanguard