Nigeria Oil Reform Bill Would Create Upstream Regulator
(Bloomberg) -- Nigerian President Muhammadu Buhari submitted a bill to reform the nation’s oil industry to lawmakers.
A proposed overhaul of the laws governing the oil and gas industry in Africa’s biggest crude producer has been stuck in parliament for more than a decade. The ministry of petroleum resources estimates the delay has cost Africa’s top oil producer an estimated $15 billion a year in lost investments.
The petroleum industry bill was sent to parliament two weeks ago, but wasn’t considered because lawmakers have been on recess, according to a statement emailed by the office of Senate President Ahmed Lawan. Members resumed sitting on Tuesday.
“We want to see an oil industry in Nigeria that is properly regulated, an oil industry that not only sustains the investment that we have but attracts even more investment, an oil industry that is very competitive,” Lawan said.
The new bill sets up an upstream regulatory commission and the oil minister will need to have the agency’s recommendation to assign and revoke licenses for crude exploration, according to a copy of the bill seen by Bloomberg.
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