The Senate on Thursday passed the Petroleum Industry Governance Bill, delivering its own part on the long-awaited legislation that promises broad reforms to the nation’s oil and gas industry.
The report on the bill was produced by the Senate joint committee on gas, petroleum (downstream) and petroleum (upstream).
After a clause-by-clause consideration, with few amendments, the Senate approved the bill, moving a step closer to making its ambitious contents law.
Amongst other objectives, the petroleum bill seeks to introduce reforms that would engender transparency, while at the same time making the oil and gas sector more business-oriented and profit-drive.
The bill, first introduced in 2008, must be passed by the House of Representatives and signed by the president to be law. Follow its journey below: