Petroleum Industry Bill Analysis

Analysing the Petroleum Industry Bill Wednesday April 05 2017436 PMMeristem Research 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 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.

The Petroleum Industry Bill 2020 A Summary Tonbofa

The Bill is a massive and imperfect.

Petroleum industry bill analysis. Wednesday 27th Thursday 28th January 2020. 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 PIGB was first proposed.

And 25 per cent for petroleum operations in deep. 1061 Scheduled as follows. The PIGB is one of four parts of the proposed Petroleum Industry Bill PIB first introduced in 2000 which seeks to update and replace the outdated provisions with a more comprehensive and.

The Bill also grants the Minister pre. Analysing the PIB a report by KPMG showed that the bill seeks to establish a framework for the creation of commercially-oriented and profit-driven petroleum entities to. An analysis of the Institutions and their functions is as follows.

The PETROLEUM INDUSTRY BILL 2012 is a 223 page document with 362 sections and 5 schedules. The House of Representatives Ad-hoc Committee on Petroleum Industry Bill welcomes all Stakeholders and the General Public to a Two-Day Public Hearing on the. 14 October 2020.

The Nigerian petroleum industry has been anticipated for over a decade now. 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. The Federal Inland Revenue Service has been saddled with the responsibility of administering and collecting Government revenue in the petroleum industry.

This part of the blog seeks to summarise the Bill along its 9 parts. The Petroleum Industry Governance Bill PIGB is just a fraction of a more comprehensive Petroleum Industry Bill PIB. 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.

Part I Objectives. 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. The petroleum industry promote the development of local content exercise general supervision over the affairs and operations of the industry and shall advise government on all matters pertaining to the petroleum industry.

PETROLEUM INDUSTRY BILL PIB 2020 HB. The PIB is an executive bill for an act to provide for the establishment of a legal fiscal and regulatory framework for the petroleum industry in Nigeria and for related matters. 123 The Commission shall be a body.

Petroleum Industry Bill PIB which was broken into parts to facilitate quick passage. The new draft sees the four components of the bill governance administration host communities and finance brought back together under one bill. Nigerias Petroleum Industry Bill PIB represents an ambitious attempt to implement much needed reform to the structure governance and fiscal rules of the countrys oil industry which has been beset for years by corruption and inefficiency.

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. Policy and general strategy formulator-Minister of Petroleum Resources The Minister shall be responsible for setting the overall policy and strategy in the Sector. This report provides an analysis of the Executive Draft Nigerian Petroleum Industry Bill PIB 2012.

Part II Institutions. The privatisation of NNPC. The Bill is divided into 9 parts which propose to cover the entire spectrum of the oil and gas industry.

The scrapping of a number of bodies to be replaced by two regulators the Nigerian Upstream Regulatory CommissionNURC and the Nigerian Mid and Downstream Petroleum Regulatory AuthorityNMDPRA. The PIB will be passed thats almost certain now and it will likely be passed before the end of the year latest Q1 2021 so we need to start preparing for a. The first draft of a PIB was submitted to the 6th National Assembly A i ANALYSIS OF THE PETROLEUM INDUSTRY BILL 2020 A ii ANALYSIS OF THE CBN FRAMEWORK FOR FINANCING OF NATIONAL MASS METERING PROGRAMME A i ANALYSIS OF THE PETROLEUM INDUSTRY BILL 2020.

It is one of the first steps towards the actualization of the 7 Big Wins unveiled by the Minister of State for Petroleum Resources in the last quarter of 2016 with a view to reform and reposition the oil and gas industry. Part III Upstream Petroleum.

The Petroleum Industry Bill Pib Top 20 Changes You Should Know Tax Business Matters Nigeria