What is the Petroleum Industry Bill?

Long Title: An Act to establish the legal and regulatory framework, institutions and regulatory authorities for the Nigerian petroleum industry, to establish guidelines for the operation of the upstream and downstream sectors, and for purposes connected with the same.

PIB (Petroleum Industry Bill) came into being following the attempt by the present administration to undertake a reform process of the oil and gas industry in order to improve on the general efficiency of the sector.

Why PIB?

• The basic purpose of the PIB is to reform the petroleum sector such that the national oil and gas industry will achieve 21st century global industry performance.
• The bill seeks to decentralise the industry and make it more efficient and result oriented.
• Major tasks of policy regulation, national assets management and commercial operations will be carried out by separate entities.