The PIB seeks to provide legal, governance, regulatory and
fiscal framework for the Nigerian Petroleum Industry and
development of Host Communities. It contains 5 Chapters, 319
Sections and, 8 Schedules dealing with Rights of Preemption;
Incorporated Joint Ventures; Domestic Base Price and Pricing
Framework; Pricing Formula for Gas Price for the Gas Based
Industries; Capital Allowances; Production Allowances and Cost
Price Ratio Limit; Petroleum Fees, Rents and Royalty; and Creation
of the Ministry of Petroleum Incorporated.
Below are the key changes:
Chapter 1 - Governance and Institutions Chapter Chapter
- The key objective is ensuring good governance and
accountability, creation of a commercially oriented national
petroleum company, and fostering a conducive business environment
for petroleum operations.
