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NDP Leader Gary Burrill once again highlighted the plight of someone whose rent is set to skyrocket, while Tory Leader Tim Houston and Liberal Leader Iain Rankin were talking health care. ....
8 min read After a 20-year journey, the Petroleum Industry Bill (PIB) on Thursday crossed a major landmark as the two chambers of the National Assembly considered the reports of their respective committees on the bill. The beginning of the bill could be traced to the Oil and Gas Reforms Committee (OGRC) constituted by former President Olusegun Obasanjo’s administration. The report of the committee formed parts of the bill which was first introduced to the National Assembly by former President Umar Yar’Adua’s administration in 2008. Mr Yar’Adua had constituted a committee on the implementation of the OGRC report. A subcommittee chaired by Yinka Omorogbe drafted the bill but that particular bill was marred by controversy. Segun Adeniyi, the spokesperson of the late president, detailed some of the controversies that bedevilled the bill in his book: Power, Politics and Death. ....
Senate committee says 5% will be approved for host communities Emmanuel Addeh and Peter Uzoho in Abuja International Oil Companies (IOCs) operating in Nigeria yesterday rallied behind the Petroleum Industry Bill (PIB) passed by the National Assembly last week, describing it as a watershed in the annals of the oil and gas industry in the country. The oil majors, including Total, Shell, ExxonMobil and Chevron said at the 20th Nigerian Oil and Gas (NOG) Conference and Exhibition in Abuja, that while there had been attempts in the past to push the bill, the latest round of consultations were the most intense. ....
Emmanuel Addeh in Abuja and Peter Uzoho The Nigerian National Petroleum Corporation (NNPC) yesterday stated that, along with its partners, the national oil company was set to earn over $760m from various fresh agreements on gas supply. The deals on the Oil Mining Lease (OML) 130 included a Production Sharing Agreement (PSA), Production Sharing Contract (PSC), Gas Supply Purchase Agreements (GSPAs) and Gas Entitlement Agreement (GEA). The agreements which are part of the corporation’s gas commercialisation programme involve Total Exploration and Production Nigeria (TEPNG), China National Offshore Oil Corporation (CNOOC), South Atlantic Petroleum Nigeria Limited (SAPETRO) and Prime 130 Limited. The sale structure under which the agreements were executed is designed to provide a clear delineation for the allocation of the gas sale proceeds to all the participating parties, including midstream handling and transportation. ....
After over 13 years of failed attempts, the Ninth National Assembly has finally passed the long awaited Petroleum Industry Bill, report Deji Elumoye and Udora Orizu Report Nigeria, for about one and half decades, has been on a journey with the Petroleum Industry Bill (PIB), with a lot of anticipation and promises, which failed overtime in previous National Assemblies. However, two years into the Ninth Assembly, the two chambers at plenary on July 1, passed the Bill for third reading after duly adopting all the 318 clauses as recommended by the Committee on PIB after some amendments. With this latest development, it seems the Ninth Assembly is set to make history, if the PIB is eventually assented to by President Muhammadu Buhari. ....