By Lawpavilion

In Nigeria today, there are numerous obsolete laws and petroleum-related laws are not exempted.

As our world continues to change quickly, a review of the existing laws and the enactment of relevant ones is imperative and must align with present realities in the country.

1st July 2021, was a historic moment in the energy industry in Nigeria, as it marked the beginning of a change in the industry. Both of Nigeria’s chambers of parliament officially passed a crucial bill reforming the oil and gas sector which has been overdue for 20 years – the Petroleum Industry Bill (PIB).

The key objective of the Petroleum Industry Bill is to enhance the output of the entire sector and attract foreign investors by providing the legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry. More importantly, it looks at the development of Host Communities.

The PIB contains 5 Chapters, 319 Sections and, 8 Schedules.

Based on the huge problems affecting the country’s oil and gas sector, is this bill the messiah for the sector? What are the implications of this bill to stakeholders and the citizenry?