Future of Energy: PIB Implementation and Roadmap to Operationalization
The Petroleum Industry Bill (PIB) has been a recurring discussion in Nigeria, with optimism and anticipation of opportunities to be unlocked in the petroleum industry landscape. Over the years, however, this important piece of legislation has fallen through the cracks with successive government unable to pass the bill into law. Here again we are, at the crest of public policy discourse with raised hope of passage of the PIB in first quarter of 2021.
While we have witnessed the rise and fall of the PIB since 2008 when it was first presented to the National Assembly, the industry is largely governed by the Petroleum Act of 1969 and the Petroleum Profit Tax (PPT) Act, of 1959. The global oil and gas industry has evolved over the past 50 to 60 years, rendering inadequate certain investment, governance and fiscal aspects of the existing laws. Hopefully, the new bill would get us back on track, and attract the much-needed investments to the Nigerian Petroleum Industry.
What direction are we setting off with the enactment of the bill? Aligned or further away from the energy transition? Wherein lie the opportunities to be unlocked. The Technical Issues Workshop intends to x-ray the five-chapter bill and exhume the topical issues arising thereof with the aim of repositioning the Nigerian Petroleum industry in the face of the foreseeable and unfolding global energy trends in this all-important sector