Petroleum Industry Bill Overview Series: Part 1: A summary of the new Governance Provisions

The Petroleum Industry Bill (the “PIB” or the “Bill”) has been a predominant part of any conversation around petroleum sector reforms in Nigeria since the first version was introduced in the National Assembly in 2008.

The PIB will be passed, that’s almost certain now and it will likely be passed before the end of the year, latest Q1 2021, so we need to start preparing for a change in the regulatory landscape of Nigerian oil and gas.

Below, we examine the governance provisions contained in the Bill transmitted by President Buhari to the National Assembly in September 2020.