Petroleum Industry Bill 2020

19 Oct 2020 Following several previous unsuccessful attempts to overhaul and reposition the petroleum industry in Nigeria the executive arm has once more sponsored an updated version of the Petroleum Industry Bill 2020 for legislative deliberation and passage into law. The PIB aims to strengthen the governing institutions establish a strong regulatory framework ensure transparency and accountability promote exploration exploitation of oil resources and foster sustainable development in Nigerias oil and gas.

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Petroleum Industry Bill PIB 2020 2 min read The oil and gas industry has a significant impact on the Nigerias economy.

Petroleum industry bill 2020. What are the major objectives. Establishment of the Nigerian Upstream Regulatory Commission 5. Wetin Nigeria parliament approve Some sabi pipo say na land mark feat wey go allow di kontri maximise im oil moni to.

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. There is also a dynamic and flexible royalty system that is. The bill passed its first reading in the Senate on October 1 2020.

The Bill proposes reforms to governance administration host community and fiscal matters in the oil and gas industry. However it would seem that the Buhari Administration might just cross. Chapter 1 of the Petroleum Industry Bill 2020 PIB or the Bill vests the property and ownership of petroleum within Nigeria and its territorial waters continental shelf and Exclusive Economic Zone in the Federal Government of Nigeria and outlines the following objectives for the governance and administration of the industry.

Prior to now there were various iterations of the PIB. A copy of the Petroleum Industry Bill 2020 can be found here. Petroleum Industry Bill.

Powers of the Minister Part III The Commission 4. Wednesday 27th Thursday 28th January 2020. THE PETROLEUM INDUSTRY BILL 2020 ARRA NG EME T OF SCTION Sections CHAPTER 1 GOVERNANCE AND INSTITUTIONS Part I Vesting objectives and application 1.

The fourth chapter of the original executive 2020 PIB to the National Assembly has about 50 provisions or sections plus 6 related schedules on Petroleum. The PIB started as an omnibus bill and was later divided into 4 separate bills. Objectives Part II Minister of Petroleum 3.

The Bill seeks to provide legal governance regulatory and fiscal framework for the Nigerian petroleum industry the. It was first presented to the National Assembly in 2008. Download the complete bill here.

On 28 September 2020 the President presented the PIB to the National Assembly for consideration. Whats more the bill would create a supportive environment for both IOCs and indigenous petroleum companies help protect the environment and the interests of host communities support economic diversification in Nigeria and critically important promote transparency in Nigerias administration of petroleum resources wrote NJ Ayuk executive chairman of the African Energy. The draft Nigerian Petroleum Industry Bill 2020 The latest iteration of Nigerias Petroleum Industry Bill PIB was forwarded to the National Assembly in September 2020.

Though the industry contributes less than 10 to the countrys gross domestic product it contributes about 90 of the foreign exchange earnings and 60 of total income. Vesting of petroleum 2. However none of these efforts has yielded any tangible result until the introduction of the Petroleum Industry Bill PIB 2020.

Chapter Four of the 2020 Petroleum Industry Bill presents the fiscal framework which is anchored on the dual tax system corporate income tax and hydrocarbon resource tax. 1061 Scheduled as follows. For some years now successive governments have attempted to pass an all-encompassing Petroleum Industry Bill PIB or the Bill to no avail.

Petroleum Industry Bill 2020. Application of this part. Nigerias oil and gas sector the mainstay of Nigerias economy is still largely governed by the Petroleum Act and the Petroleum Profit Tax PPT Act enacted since 1969 and 1959 respectively.

It has gone through first reading at both the Senate and House of Representatives but full deliberation and public hearing is expected to take place in the first quarter of 2021. President Mohammadu Buhari on 28 September 2020 presented the Petroleum Industry Bill 2020 PIB to the National Assembly for consideration. The bill which has passed first reading when passed into law is expected to reform the Nigerian oil and gas sector in line with industry best standards and enable the country maximize her hydrocarbon resources to boost the economy and better the lives of citizens.

To break the yoke of this curse there have been consistent calls for reforms in the oil and gas sector for over a decade now previous administrations have tried but ultimately failed to affect these much-needed changes since the Petroleum Industry Bill The BillPIB was first introduced to the National Assembly in 2008. The Bill proposes to replace the existing Petroleum Profits Tax PPT with the National Hydrocarbon Tax NHT. The Petroleum Industry Bill PIB 2020 is a law in the making which seeks to introduce far-reaching reforms in the Nigerian oil and gas industry.

Petroleum Industry Bill 2020. According to Section 260 1 of the Bill the NHT is expected to be charged only to oil production condensates and natural gas produced from associated gas in an oil field. Since the enactment of these laws the global oil and gas industry has changed significantly from an investment governance.

The Bill seeks to introduce pertinent changes to the governance administrative regulatory and fiscal framework of the Nigerian oil and gas industry in order to ensure transparency strengthen the governing institutions and attract investment capital among other objectives. Keep checking our site for detailed analysis of its provisions. Highlights of Nigerias Petroleum Industry Bill 2020 Published.

Now the present administration has sent a new PIB to the National Assembly. The new draft sees the four components of the. PETROLEUM INDUSTRY BILL PIB 2020 HB.

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