The report of the Ishaka Bawa-led House of Representatives Adhoc Committee on the Petroleum Industry Bill (PIB) is ready and is billed for presentation, it was disclosed on yesterday.
The House of Representatives spokesman, Zakari Mohammed, made the disclosure at a media briefing at the National Assembly (NASS).
Mohammed said the report has already been circulated to federal lawmakers, while hinting that the report will be considered soon on the floor of the House of Representatives.
He also debunked reports that “unseen hands” were frustrating the presentation of the revolutionary oil and gas legislation. His rebuttal came amidst a PIB cash-for-passage allegation that filtered round the NASS.
He said: “We don’t give credence to rumours. The PIB is a very sensitive legislation. A number of issues have come up with political and zonal connotations. There are no unseen hands stalling the presentation of the PIB report.
“The PIB is ready and will change the workings of Nigeria’s oil and gas sector and also generate employment.”
report on September 21 showed that some of the PIB report recommendations seen revealed a complete review of licencing rounds and investment/contract renewals in the case of Joint Venture (JV) Licences and Production Sharing Contracts (PSCs) between International Oil Companies (IOCs) and the Nigerian government.
In other recommendations, “discretionary powers” of the president to allocate oil blocs has been replaced by competitive bidding, except for Nigerian owned oil companies. Also, the powers of the petroleum minister in the proposed National Oil Company and subsidiaries have been considerably reduced in line with the proposed commercialisation of state-run oil coy.