n CPEEL Monograph Series - Legal and regulatory framework

Volume 2, Issue 3
  • ISSN :


To properly regulate the nation's cash cow, the oil and gas industry, the stakeholders came up with the decision to draft the Petroleum Industry Bill. Consequently, the Executive Bill of 2008 was drafted followed by the Inter Agency Draft of 2009. Although they were considered good legislation for the industry, they were not passed. Then followed a third draft in 2012. The PIB holds a lot of promise for the oil and gas industry in Nigeria. The third draft of the Bill released by the Ministry of Petroleum in 2012 generated mixed reactions because it significantly altered various provisions on the earlier versions. Besides these alterations, the Bill reposes extreme powers over the industry in the President and Minister of Petroleum.

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