Chief Timipre Sylva, Minister of State for Petroleum Resources, says the review of the Petroleum Industry Bill (PIB) is at an advanced stage and full passage of the bill is expected mid-2020.
The announcement was made by Sylva on Wednesday in a statement marking the new year made available to the Nigeria News Agency (NAN) in Lagos.
The minister, while reviewing the performance of the petroleum ministry, described 2019 as a very busy and prosperous year for the ministry and its agencies.
According to him, the ministry’s achievements included Amendment of the Deep Offshore (and Inland Basin Production Sharing Contract) Act and signing of Final Investment Decision on the Nigerian Liquefied Natural Gas (NLNG) Train 7 project.
He said that others were the discovery of crude oil in the Upper Benue Trough and the hosting of the African Petroleum Producers Organization’s Extraordinary Session of the Council of Ministers and the emergence of Dr. Omar Ibrahim from Nigeria as its Secretary-General.
“We thank every Nigerian, all our key stakeholders, heads of agencies of the ministry: Nigerian National Petroleum Corporation, Department of Petroleum Resources, Petroleum Technology Development Fund and Nigerian Content Development and Monitoring Board.”
“Petroleum Products Pricing Regulatory Agency, Petroleum Equalisation Fund (Management) Board, Nigerian Nuclear Regulatory Authority and the Petroleum Training Institute) and every member of staff, for all the support.
“We look forward to delivering on all our aspirations as we remain committed and focused in the New Year,” Sylva added.