Friday, 30 July 2010

Nigeria oil reform bill to be passed by the end of August says oil minister

According to Nigeria's oil minister Deziani Allison-Madueke, the Nigerian government is set to pass legislation to reform the mainstay oil and gas industry by the end of August, and will delay a recess in order to do so if necessary.

"The Petroleum Industry Bill (PIB) will be passed by the end of August ... Over the next 12 months there will be a lot of aggressive reform implementation of the PIB," said Allison-Madueke in an interview.

There has been some controversy over the PBI expected to overhaul Nigeria's oil and gas industry, and to narrow differences among all parties involved. It is thought that a special committee will be set up to look into and synchronise the interests of all involved before the bill is passed into law.

Allison-Madueke also said that outstanding licence renewals for foreign oil producers, some of which lapsed more than year ago, would be resolved within the next two to three months.

Source: Reuters

For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.

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