The Nigerian Senate, on Thursday, passed the petroleum industry governance bill, thus breaking a 17-year-old Jinx.The long-awaited petroleum industry bill which will ensure that broad reforms are carried out in the country’s oil and gas sector was passed after a report on the bill produced by the senate’s joint committee on gas and petroleum was presented on the floor of the Senate earlier today.
The report was presented by Donald Alasoadura. After much consideration and some amendments, the bill was approved. The petroleum bill will introduce reforms that will foster transparency in the oil and gas sector.
The petroleum industry bill will see to the restructuring of organisations like the Department of petroleum resources(DPR) and the Nigerian National Petroleum Corporation(NNPC). Also, it proposes the creation of a new organisation called the National Oil Company(NOC).
The NOC will be an “integrated oil and gas company operating as a fully commercial entity and will run like a private company” as stated in the bill.
The bill, which has spent years in the National Assembly will be sent to the House of Assembly and then the presidency for final approval.