Nigeria’s Senate in late May 2017 passed the Petroleum Industry Governance Bill that would establish a framework for the creation of commercially oriented, profit-driven petroleum entities and allow for internationalization of the petroleum industry.
The bill is meant to regulate the industry and repeal all existing oil and gas legislation. Even though it was introduced in the National Assembly over 16 years ago, it was never passed, and consequently, the National Assembly decided to fragment the bill into different pieces of legislation guiding specific aspects of the industry. This is the first of the bills to be passed. Among the items, the bill would affect:
Read a June 2017 report [PDF 181 KB] prepared by the KPMG member firm in Nigeria
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