ARTICLE · 23 DECEMBER 2015

High Expectations As PIB Transforms Into Petroleum Industry Governance And Institutional Framework (PIGIF) Bill

PwC Nigeria

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As recommended by various stakeholders, the 223-page Petroleum Industry Bill (PIB) which has been stalled for over 12 years has now been split into at least 2 separate bills.

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As recommended by various stakeholders, the 223-page Petroleum Industry Bill (PIB) which has been stalled for over 12 years has now been split into at least 2 separate bills. The first is a 45-page Petroleum Industry Governance and Institutional Framework (PIGIF) bill. It is expected that there will be at least one more bill to address the fiscal and taxation regime in the oil and gas industry.

Below are some of the key proposals in the PIGIF bill.

A new regulatory body will be established known as the Nigerian Petroleum Regulatory Commission (NPRC) to issue, renew and cancel licences, permits and authorisations among other functions.
Creation of 2 companies (the National Oil Company and the Nigerian Petroleum Asset Management Company) to replace the NNPC. The National oil company will operate as a commercial entity to be partly privatised (at least 30%). It will pay dividends from its operations to the federation account in addition to royalty and taxes. The

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