Petroleum Industry Bill Summary

August 17, 2021 Post a Comment

A summary of the new Governance Provisions. The Bill proposes to replace the existing petroleum profits tax with Hydrocarbon Tax at the rate of 50 per cent for petroleum operations onshore and in shallow water fields.

Senate Passes Petroleum Industry Bill

Buhari signs Petroleum Industry Bill into law.

Petroleum industry bill summary. The National Assembly has finally passed the Petroleum Industry Bill PIB 2021. Conditions applicable to a petroleum liquids transportation pipeline licence 193. In this article we focus on the key changes that the PIB proposes.

FV WORLDWIDE Uncategorized petroleum industry bill summary. Gunmen attack three buses kidnap travellers on Akure-Ado road. General duties of a petroleum liquids transportation pipeline owner 192.

Oct 16 2020 The Petroleum petroleum industry bill summary Industry Bill PIB completely overhauls the fiscal and tax framework in the Nigerian petroleum sector with the objective of establishing a progressive fiscal framework that encourages investment in the Nigerian petroleum industry. President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law. The Petroleum Industry Governance Bill PIGB is a piece of legislation that has been put together to fix some of that corruption.

The Petroleum Industry Bill the PIB or the Bill is perhaps the most talked about piece of legislation in Nigeria ever given the far reaching reforms which it proposes to an industry which is the single most significant contributor to the national economy. Part I Objectives. The PETROLEUM INDUSTRY BILL 2012 is a 223 page document with 362 sections and 5 schedules.

This part of the blog seeks to summarise the Bill along its 9 parts. The Bill is the first in a series of long awaited petroleum industry laws designed to reform the Nigerian oil and gas industry. The Bill also provides that HT shall not be payable on associated and non-associated natural gas as well as condensates and natural gas liquids produced from non-associated.

The Petroleum Industry Bill the PIB or the Bill has been a predominant part of any conversation around petroleum sector reforms in Nigeria since the first version was introduced in the National Assembly in 2008. The Bill is divided into 9 parts which propose to cover the entire spectrum of the oil and gas industry. The Bill seeks to introduce pertinent changes to the governance administrative regulatory and fiscal framework of the Nigerian oil and gas industry in order to ensure transparency strengthen the governing institutions and attract investment capital among other objectives.

Petroleum industry bill 2021 summary. Petroleum industry bill summary. However the PEF Act proposed.

Yet the Petroleum Industry Bill PIB which seeks to increase government revenue from oil and lay down a strengthened legal and regulatory framework for the Nigerian oil industry has suffered legislative delays and limited consideration from the executive precluding its passage. Grant of petroleum liquids transportation pipeline licence 191. Petroleum Industry Bill Overview Series.

However with the introduction of the PIB a company shall not be involved in more than one stream of petroleum operation and would have to register a separate company for each stream of petroleum operations. The key objective of the PIB is to overhaul and transform the Nigerian oil gas industry. In the last 20 years multiple governments have attempted to pass an all-encompassing Petroleum Industry Bill PIB the scope and complexity of which has ensured repeated failure.

Grant of transportation network operator licence 194. The passage of the Petroleum Industry Reform Bill PIRB was recently listed as a milestone in achieving the policy objective of the 7 Big Wins a road map of the Nigerian oil and gas industry which aims at restructuring and repositioning the industry. In September President Muhammadu Buhari sent a new PIB to the bicameral National Assembly for consideration by the Senate and the House of Representatives.

The Petroleum Industry Bill PIB an omnibus law meant to regulate the entire sphere of the industry and repeal all current existing oil and gas legislation had struggled to see the light of day despite its introduction to the National Assembly over 16 years ago. Conditions applicable to a bulk petroleum liquids storage licence 190. The Petroleum Industry Bill 2012 PIB seeks to ensure that the management and allocation of petroleum resources in Nigeria and their derivatives are conducted in accordance with the principles of good governance transparency and sustainable development in Nigeria.

This move by the Senate is in will be repealed and the PIGB will serve as. In recent times it has been all too easy for the Minister of. Petroleum Industry Bill PIB which was broken into parts to facilitate quick passage 2.

The Petroleum Equalization Fund PEF almost 17 years after the original bill was will continue to exist. The Bill establishes Policy and general strategy formulator This bill will empower the minister for petroleum resources to setting overall policy and direction for the petroleum industry as a. The Federal Inland Revenue Service has been saddled with the responsibility of administering and collecting Government revenue in the petroleum industry.

And 25 per cent for petroleum operations in deep.

Pdf The Politics And Crisis Of The Petroleum Industry Bill In Nigeria