July 04, (THEWILL) – The Nigerian Senate has officially passed the long-awaited Petroleum Industry Bill (PIB) on Thursday the 1st of July 2021, after deliberation and input by both the executive and legislative arms of government.
Having been revised on many occasions throughout the past thirteen years since it was first presented to the National Assembly in 2008, the PIB comprises a combination of 16 Nigerian petroleum laws that outline the framework to boost oil and gas output while enhancing the sector’s attractiveness for international investment.
By ensuring an enabling environment for investors backed by a transparent and strengthened regulatory framework, the PIB will present significant investment opportunities for both regional and international stakeholders. At a time when the global energy sector is particularly competitive for foreign capital, the passing of the PIB serves to elevate Nigeria as an energy leader on the global stage and the upcoming African Energy Week (AEW) 2021 taking place in Cape Town on the 9th-12th of November will only enhance this trend.
“For 13 years, our oil and natural gas industry pushed and waited for this moment. Passing the Petroleum Industry Bill lays the foundation for a stronger, efficient and attractive energy industry in Nigeria.” Declared NJ Ayuk, Executive Chairman of the African Energy Chamber.
“What we must do is make this legislation work for Nigerian companies and foreign companies in the energy sector. I believe that this Bill will make the Nigerian energy sector competitive again and you will see rig counts go up. Nigeria will out-innovate, out-produce, and out-compete those who counted out or bet against its oil and natural gas industry. We will showcase the opportunities at Africa Energy Week in Cape Town.” Concluded Ayuk.
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