Journal of business and management sciences, 22, 4557. The oil and gas industry natural resource governance. Therefore, this research was conducted with the aim of. Without having the opportunity of reading the full details of the proposed bill, my comments would be limited to the address of the minister of petroleum resources, dr.
Petroleum industry bill, challenge of oil and gas taxation in nigeria. Framework for the petroleum industry and for other related. Petroleum industry bill 2012 and the principle of vicarious liability of. Oil and gas accounting in the nigerian petroleum industry. Laws of the federation of nigeria petroleum act 1990. If the house of representatives concurs, it could be signed into law.
This new bill, entitled petroleum industry governance and institutional framework bill 2015 aims to create commercially oriented and profit driven petroleum entities and close loopholes that bred corruption. Offences in connection with the distribution of petroleum products 6. Reforming nigerias petroleum industry 3 the petroleum industry bills proposed fiscal regime 6 the petroleum host communities fund phcf and its ambiguities 10 environmental implications of passing the petroleum industry bill the following analysis was written and published over the period of august 2015. May 16, 2016 challenges lie ahead for kenyas nascent industry as with the energy sector at large, in the light of the ongoing low oil prices. Summary on kenyas petroleum bill 2015, the associated.
At the time of our report, the news coverage had focused on the president rejecting the bill because it whittled down his powers. The international oil companies iocs in nigeria have expressed concern over the federal governments intention to change the laws governing the oil and gas industry including the fiscal terms. The key objectives of the bill as stated in part 1 of the pib are. Reforming nigerias petroleum industry 3 the petroleum industry bill s proposed fiscal regime 6 the petroleum host communities fund phcf and its ambiguities 10 environmental implications of passing the petroleum industry bill the following analysis was written and published over the period of august 2015. Fiscal regime under the new petroleum industry bill.
The house of representative joint committee on the petroleum industry bill 2009, abuja, 30 july. Nigerian petroleum industry bill 2012 pdf establishment of the petroleum technical bureau. Tanzania enacts legislation impacting the oil and gas industry executive summary as a matter of urgency, the parliament of tanzania passed three legislative acts in july 2015. Energy sector overview washington state university. The petroleum exploration, development and production bill, 2015 scope. The petroleum industry governance bill pigb was identified as the emerging. Enacted by the national assembly of the federal republic of nigeria part i objectives 1. Pdf the petroleum industry bill 2012 and the niger delta region. Storage of petroleum or petroleum products e distribution 179. May 26, 2017 senate passes petroleum industry bill, pib. Pdf on jan 31, 2016, adangor z and others published petroleum industry bill 2012 and the principle of vicarious liability of oil producing states and local.
Institutional framework for the petroleum industry. Pib petroleum industry bill ppp public private partnership. According to the nsw government, this bill is the first stage in delivering a single resources. The petroleum exploration, development and production bill, 2015 2315 50grant of nonexclusive exploration permit.
The previous energy briefing prepared in july 2015 focused on the petroleum act 2015 bill supplement the bill which was placed on the parliament of tanzania website on 19th june 2015. Economic growth 2015 14 international journal of african and asian studies 29, 3839. Mining and petroleum legislation amendment package 2015 nsw. The petroleum industry governance bill kpmg international. Challenges lie ahead for kenyas nascent industry as with the energy sector at large, in the light of the ongoing low oil prices. The much anticipated petroleum industry bill 2012 the pib was. The petroleum industry governance bill was passed at its third reading at the nigerian senate today may 25th, 2017. An evaluation of the effect of the proposed fiscal terms on investment in the upstream sector. Iocs are concerned that proposed changes to fiscal terms may make some projects commercially unviable, traditional solid biomass and waste 74%. An analysis of the petroleum bill 2015, model psc oilnewskenya.
Basically there are two main models for the legal framework for the. Tanzania enacts legislation impacting the oil and gas ey. A bill is a draft of a proposed law that is still undergoing legislative scrutiny. The development of a new regulatory framework for the petroleum sector was driven by the need to modernize a regime that was first established in 1986 and to take. For it to be the fuel that can go into a car or converted into plastics, it must go through a. May 25, 2017 recall that after inauguration of the 8th senate in 2015, the president of the senate had promised to, among other things, deliver the petroleum industry bill as well as make laws that would. Oil exploration licences, oil prospecting licences and oil mining leases 3. The petroleum industry bill pib, an omnibus law meant to regulate the entire sphere of the industry and repeal all current existing oil and gas legislation, had.
The petroleum exploration, development and production. Refining what comes out of the ground is not often a form of petroleum that can be used right away. When it is passed by the national assembly, it becomes an act. It was recently reported by reuters africa that the government is breaking up the petroleum industry bill and replacing it first with a law to overhaul the state sector. A bill for an act to provide for the governance and institutional framework for the petroleum industry and for other related matters commencement. Petroleum act chapter p10 chapter 350 lfn 1990 laws of the federation of nigeria arrangement of sections 1. They claim that the proposed fiscal terms will affect their bottom line and trigger uncertainties in their investments in the upstream sector. Nigerian national petroleum corporation, oil production september 20 accessed 10 march, 2015. Tanzania petroleum act 2015 highlighted in this months energy briefing is the new petroleum act 2015 pa 2015 related to upstream, midstream and downstream petroleum activities. Pdf this presentation is about nigerias petroleum industry governance bill of 2015. Nigerias oil industry threatened by petroleum industry bill.
Pdf oil and gas accounting in the nigerian petroleum industry. Mining and petroleum industry political donations legislation. Understanding the pib petroleum industry bill politics. Nonetheless, all is not doom and gloom for the country. Unlike its forerunner, the overly ambitious and much storied petroleum industry bill pib, which adopted an allencompassing approach to the reform of the operation. Energy bill 201516 keeling schedule this schedule shows the petroleum act 1998, including all previous amendments, as it would look when amended by the energy bill 201516, were the bill to be enacted in the state in which it was introduced to the house of commons hc bill 92 201516. By taiwo oyedele from sports to entertainment, tourism to technology, infrastructural development to industrialisation, and the list goes on nigeria is a country that is often celebrated more for her potentials than real achievements. From the long title of the bill, it would appear that same makes provision for the governance and institutional framework for the petroleum industry and other related matters. Summary on kenyas petroleum bill 2015, the associated model. New bill unbundles nnpc, scraps pppra, dpr, others. Since then, there have been various reports on the refusal of the president to assent to the first. Recall that after inauguration of the 8th senate in 2015, the president of the senate had promised to, among other things, deliver the petroleum industry bill as well as make laws that would. This briefing does not include a detailed analysis of the fiscal provisions of pa 2015.
Last week we reported that the president withheld his assent to the petroleum industry governance bill pigb. This is the passage of the first fragment of the comprehensive petroleum industry bill pib, which was broken into parts to. In the long history of pursuing petroleum industry legislative reform in nigeria, this is the first time that a bill will be passed at the nigerian senate. The petroleum industry bill, pib 2012 is designed to provide a comprehensive legal framework for the operation of. Pdf petroleum industry bill 2012 and the principle of vicarious. The administration of the president, muhammadu buhari, plans to amend nigerias longstalled petroleum industry bill pib. We shall update you on the changes made to the bill and the next steps. An analysis of the nigerian petroleum industry bill 2012. That energy briefing was prepared at a time when the bill was still being debated by parliament and our comments were subject to further revision of the bill. Governance and institutional framework bill 2015 the bill, which we understand is yet to be formally presented to the national assembly.
The petroleum industry bill 2012 pib seeks to ensure that the management and allocation of petroleum resources in nigeria and their derivatives are conducted in accordance with the principles of good governance, transparency and sustainable development in nigeria. Mining and petroleum legislation amendment harmonisation bill 2015 the harmonisation bill makes a range of significant changes to processes and requirements under the mining and petroleum acts, and makes mining and gas laws more consistent. The oil and gas industry overview and trends nrgi reader april 2015 this reader is intended for use in conjunction with the natural resource charter. An analysis of the nigeria petroleum industry bill2012. Our tax team will provide a further briefing on tax aspects in due course. The case of the petroleum industry bill pib collins c. The executive council of the federation fec on wednesday approved the new draft petroleum industry bill pib, saying the document would be delivered to the national assembly in the next couple. Recovering of petroleum products f national petroleum emergency supply plan 181. Find, read and cite all the research you need on researchgate. The pib is an executive bill for an act to provide for the establishment of a legal, fiscal and regulatory framework for the petroleum industry in nigeria and for related matters. Petroleum products to conform with quality, safety and environment specification 180. An act to reduce corruption risk by prohibiting political donations from the mining and petroleum industry and by prohibiting the making of planning decisions that favour, and the issue of mining authorisations or petroleum titles to, persons who have made political donations. In a much awaited development, after about a decade of political twists and turns, the nigerian senate has on 25 may, 2017, approved the petroleum industry governance 9ill s.
Nigerias proposed petroleum industry bill sets to increase taxes in such a way that energy companies claim further exploration is uneconomical, and overall production will likely decline by 25%. The petroleum industry bill pib, which was initially proposed in 2008, is expected to change the organizational structure and fiscal terms governing the oil and natural gas industry if it becomes law. Mining and petroleum legislation amendment package 2015. The petroleum industry governance bill pigb was passed by the senate on 25 may 2017. Since then, there have been various reports on the refusal of the president to assent to the first of four bills seeking to reform the nigerian oil. After years of delay, the senate on thursday passed the petroleum industry governance bill, inching closer to regulatory and business reforms in the nations oil and gas industry. Senate passes petroleum industry bill, pib vanguard news. Nigerian senate passes petroleum industry governance bill. This special edition of the economic report on nigeria aims at serving a dual purpose.
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