The Federal Government has continued its consultation towards the passage of the Petroleum Industry Bill, PIB.
Just yesterday, Tuesday, Vice-President Yemi Osinbajo met with some stakeholders in the oil and gas industry in a bid to accelerate the passage of the bill currently before the National Assembly.
Osinbajo’s Senior Special Assistant on Media and Publicity, Laolu Akande, disclosed this in a statement on Wednesday titled ‘Petroleum Industry Bill: We need to produce largest oil volumes possible at cheaper costs, tells oil and gas stakeholders.
The President of the Senate, Ahmad Lawan, had told reporters on Tuesday that there were forces within and outside the country that would work against the passage of the bill which the President, Major General Muhammadu Buhari (retd.), presented to the National Assembly in September 2020.
The bill aims to drive sustainable development in Nigeria’s oil and gas industry and has passed second reading in both the Senate and the House of Representatives.
Akande quoted the Vice-President as urging stakeholders in the oil industry at the virtual meeting to find and agree on cheaper means of producing oil while also ensuring a more competitive environment that meets the needs and purposes of Nigeria, including the largest production volumes possible.
He identified the stakeholders that attended the virtual meeting as being under the auspices of the Oil Producers Trade Section in Nigeria, and the Independent Petroleum Producers Group.
The statement quoted Osinbajo as saying, “We need to agree on terms that will give us a more competitive environment.
“We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.”
Akande further quoted Osinbajo as stressing the need for stakeholders in the sector to agree on terms to create a more competitive environment, while maximising