The managing director of NNPC, Austin
Oniwon, said on Tuesday that the Petroleum Industry Bill, which will
redefine Nigeria’s relationship with foreign oil firms, would be put
under scrutiny by both houses of parliament in the coming days.
“The Senate will begin today, the
clause-by-clause debate of the bill, and in the next days, the House of
Representatives will also start a clause-by-clause debate,” Mr. Oniwon
said at an industry conference in the capital, Abuja.
President Goodluck Jonathan has vowed that the bill will become law
before the end of the current administration in May and his energy
adviser went further, saying it would be passed within weeks. But the
ambitious reforms have been subject to many delays and amendments,
making the details of the final draft unclear. Oil executives have said
that billions of dollars of investment are on hold until there is
clarity. The government hopes that the bill will tackle issues
including funding shortfalls at its joint ventures with foreign firms,
insecurity in the Niger Delta, increasing local involvement in the
industry and production of more gas for domestic power./
