News and Updates
The Petroleum Industry Bill (PIB)

Petroleum Industry Bill (PIB) came into existence in 2007 through a presidential committee set up to investigate the oil and gas sector. The committee presented the idea of this bill to reform the legislative framework that regulates the industry.

Many oil companies believe that new investments in the Nigerian oil sector are dependent on the PIB passage.

Currently, Nigeria is said to have one of the least competitive deepwater fiscal terms in Africa and is increasingly losing significant amounts of potential investments to other African countries.

According to news reports, Nigeria has attracted minimal investments with more significant reserves. In contrast, Egypt, Angola and Ghana with about half of Nigeria’s reserves combined, have attracted more investments for new projects because they offer more attractive Deepwater fiscal terms to encourage investments.

This bill seeks to increase government revenue from oil and lay down a strengthened legal and regulatory framework for the Nigerian oil industry.

The PIB also proposes the replacement of the Department of Petroleum Resources (DPR) with two new regulators, the Upstream Petroleum Inspectorate (UPI) and the Downstream Petroleum Regulatory Agency (DPRA).
By separating downstream(refining and distributing) from upstream (exploration and production), it is believed that each sector’s issues will be addressed more effectively.

This bill has suffered legislative delays and limited consideration from the executive. Reasons for the 14-year delay include the fear of potential protests against any removal of the fuel subsidy arising from the deregulation of the industry, concerns about regional imbalances in the distribution of oil revenues and mounting pressure from foreign oil companies who are unwilling to pay more oil taxes.

The PIB aims to reduce gas flaring, create a deregulated natural gas market through a domestic supply obligation. It also seeks to establish a domestic price for gas.

The Petroleum Host Community Fund (PHCF) that will be a designated fund for the development of the economics and social infrastructure of the communities within the petroleum-producing areas has also been included in this bill.

https://businessday.ng/energy/oilandgas/article/pet roleum-industry-bill-will-be-passed-in-mid-2020sylva/

https://nairametrics.com/2020/02/09/pib-and-itsunsurmountable-obstacles/

https://www.stakeholderdemocracy.org/wpcontent/uploads/2015/09/V2-28.9.15-SPOTLIGHTISSUE-THE-PIB.pdf


All Updates


Kayode Thomas’ Interview with BBC Africa
Posted on Friday, August 7, 2020


BOG Awards Construction Contract for Multimillion Dollar Pipe Threading and Valve Assembly Plants
Posted on Saturday, July 18, 2020


SON Issues IMS Certificate To BOG
Posted on


BOG-Expro Well Testing Campaign
Posted on


Technical Assistance Service
Posted on


Overhaul of Sundyne Pump at NLNG
Posted on


Focus on Sundyne
Posted on


The Benefits of the First Milton Roy Authorized Service Centre in Africa
Posted on


COVID-19 and The Workplace: Quality Health Safety and Environment (QHSE) Strategies at Bell Oil &Gas
Posted on


The Petroleum Industry Bill (PIB)
Posted on


CEO’s Message on Worker’s Day
Posted on Friday, May 1, 2020


FOCUS OF MILTON ROY
Posted on Saturday, April 11, 2020


Sundyne and BOG on Sales Visits
Posted on


Offshore/Onshore Hose Assembly Services for Total E&P
Posted on


Collaboration with Expro on Asasa Field
Posted on


BOG Embarks on Exxon Mobil-Usan Shutdown Project
Posted on


BOG Achieves Integrated Management System (IMS) Certification
Posted on Friday, April 10, 2020


SON-MSC Organizes Stakeholders’ Forum
Posted on


Chevron Contractors Line Management Safety Forum
Posted on


Rivers State Environmental Health & Safety Officials Commend BOG
Posted on


Milton Roy/BOG Training in France
Posted on


BOG Conducts Trainings and Maintenance at NLNG
Posted on


BOG and MiIton Roy in Partnership for Africa’s First Authorized Service Center(ASC)
Posted on


CEO’s Message on Corona Virus
Posted on Thursday, March 26, 2020


The BOG Woman- Yemi Gbeja
Posted on Friday, March 13, 2020


Diversity and Inclusion in the Oil and Gas Industry – Azuka Onyia
Posted on Wednesday, March 11, 2020


Bell Oil & Gas (BOG) Conducts a Scoping Workshop for her Proposed Pipe Threading and Valve Assembly Production Facilities
Posted on Wednesday, February 5, 2020


Staff Periodic Awards and Recognition – 2020
Posted on Tuesday, February 4, 2020


OMB Valves
Posted on Tuesday, December 31, 2019


CEO’s END OF YEAR MESSAGE-2019: An Exhilarating Year
Posted on Monday, December 30, 2019