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PIB: NAEE Calls for Clarity on 30 Percent Frontier Exploration Revenue

President, Nigerian Association of Energy Economics (NAEE), Prof. Yinka Omorogbe, has called for clarity on the 30 per cent NNPC Limited transfer of oil and gas profit to frontier exploration fund as recommended in the recently passed Petroleum Industry Bill (PIB). Omorogbe made the call at the 14th Annual conference of the Nigerian Association of Energy Economics in Abuja. The ...

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Petrol Subsidy Ends Adter Buhari Signs PIB – Minister

The assent of the Petroleum Industry Bill by the President, Muhammadu Buhari (retd.), will put an end to petrol subsidy in Nigeria, the Minister of State for Petroleum Resources, Chief Timipre Sylva, announced on Monday. Sylva announced this while speaking at the Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership press conference in Abuja. He insisted that it was ...

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NEITI Commends NASS for Passage of PIB

The Nigeria Extractive Industries Transparency Initiative (NEITI) has commended the National Assembly for the passage of the Petroleum Industry Bill (PIB). Adding that it is a bold step by both chambers of the National Assembly to pass the bill.. In a statement in Abuja today, shortly after the NASS decision, the Executive Secretary of NEITI Dr, Orji Ogbonnaya Orji described ...

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Bayelsa Proposes Out-of-Court Settlement on Revenue Dispute with Shell

The Bayelsa State Government on Wednesday, June 16, 2021 indicated willingness to withdraw pending litigation against the Shell Petroleum Development Company of Nigeria (SPDC) over unpaid revenue running into billions of naira. Bayelsa government had dragged SPDC to court over failure of the oil firm to pay “development levies”. The development levies were for land acquired for the construction of ...

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PIB to Be Passed this Month of June – Senate President

The Senate President, Ahmad Lawan has said that the Petroleum Industry Bill (PIB), will be passed this month of June. Speaking at the fourth edition of the Nigeria International Petroleum Summit (NIPS) the Senate President said that the National Assembly was cautious to accommodate imputs from a wide range of the Petroleum industry stakeholders. According to Lawan, the national assembly ...

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Ngozi Okonjo-Iweala Appointed WTO Director-General

The World Trade Organization (WTO) has appointed former Nigeria’s finance minister Ngozi Okonjo-Iweala as the new director-general. Ngozi now becomes the first woman and also African to lead the Switzerland-based institution. Her appointment came after the WTO had a special general council meeting on Monday. US President Joe Biden strongly swung behind her candidacy shortly after the only other remaining ...

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NNRC Commends NASS Efforts in Passage of PIB

The Nigeria National Resource Charter (NNRC) has commended recent efforts by the National Assembly toward ensuring the passage into law of the protracted Petroleum Industry Bill (PIB). The NNRC, a non-profit policy institute that promotes effective management of natural resources for public good, made the commendation in a statement issued by its Programme Coordinator, Ms Tengi George-Ikoli on Friday in ...

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Oil Majors, Others, Raise Concerns as National Assembly Begins Hearing on PIB

The oil majors and other players in the industry expressed disatisfaction with some provisions of the Petroleum Industry Bill, 2020. Some major oil producing companies and other players in the industry have raised concerns over some provisions of the Petroleum Industry Bill (PIB), 2020. This was at the first day of the public hearing, a necessary stage of the consideration ...

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PIB Should Create a Competitive Environment for Investiment – LCCI

The Lagos Chamber of Commerce and Industry said on Sunday that there is the need to create a competitive environment to attract investment to the oil and gas sector using the Petroleum Industry Bill (PIB) which is before the National Assemy According to LCCI some provisions in the Petroleum Industry Bill, currently in the National Assembly, could adversely affect the ...

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