{"id":10562,"date":"2021-07-02T10:03:33","date_gmt":"2021-07-02T10:03:33","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10562"},"modified":"2021-07-02T10:03:33","modified_gmt":"2021-07-02T10:03:33","slug":"benefits-of-the-passing-of-nigerias-petroleum-industry-bill","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/benefits-of-the-passing-of-nigerias-petroleum-industry-bill\/","title":{"rendered":"Benefits of the Passing of Nigeria\u2019s Petroleum Industry Bill"},"content":{"rendered":"<p>The Nigerian Senate has officially passed the long-awaited Petroleum Industry Bill (PIB) on Thursday the 1<sup>st<\/sup> of July 2021, after deliberation and input by both the executive and legislative arms of government. Having been revised on many occasions throughout the past thirteen years since it was first presented to the National Assembly in 2008, the PIB comprises a combination of 16 Nigerian petroleum laws that outline the framework to boost oil and gas output while enhancing the attractiveness of the sector for international investment.<\/p>\n<p>By ensuring an enabling environment for investors backed by a transparent and strengthened regulatory framework, the PIB will present significant investment opportunities for both regional and international stakeholders. At a time when the global energy sector is particularly competitive for foreign capital, the passing of the PIB serves to elevate Nigeria as an energy leader on the global stage and the upcoming African Energy Week (AEW) 2021 taking place in Cape Town on the 9<sup>th<\/sup>-12<sup>th<\/sup>\u00a0of November will only enhance this trend.<\/p>\n<p>\u201cFor 13 years, our oil and natural gas industry pushed and waited for this moment. Passing the Petroleum Industry Bill lays the foundation for a stronger, efficient and attractive energy industry in Nigeria.\u201d Declared NJ Ayuk, Executive Chairman of the African Energy Chamber.<\/p>\n<p>\u201cWhat we must do, is make this legislation work for Nigerian companies and foreign companies in the energy sector. I believe that this Bill will make the Nigerian energy sector competitive again and you will see rig counts go up. Nigeria will out-innovate, out-produce, and out-compete those who counted out or bet against its the oil and natural gas industry. We will showcase the opportunities at Africa Energy Week in Cape Town\u201d Concluded Ayuk.<\/p>\n<p>By uniting both African global stakeholders in one exclusive networking event, AEW 2021 will be the place to explore post-PIB opportunities in Nigeria. H.E. Timipre Sylva, Nigeria\u2019s Minister of Petroleum, has already confirmed his attendance at AEW 2021, and will lead a Nigerian delegation to AEW 2021 including executives from the Nigerian National Petroleum Corporation and the Department of Petroleum Resources. The passing of the PIB represents an historic moment in Nigeria\u2019s energy sector, and AEW 2021, representing the only Africa-focused energy event taking place in Africa in 2021, serves to promote and enhance the significant opportunities that will be sure to follow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian Senate has officially passed the long-awaited Petroleum Industry Bill (PIB) on Thursday the 1st of July 2021, after deliberation and input by both the executive and legislative arms &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/benefits-of-the-passing-of-nigerias-petroleum-industry-bill\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[9412,1749,2012],"class_list":["post-10562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-africa-energy-week","tag-nigeria","tag-petroleum-industry-bill","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/Nigeria-Refinery.jpg?fit=690%2C438&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2Km","jetpack-related-posts":[{"id":10773,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-energy-chamber-salutes-president-buhari-signs-historic-petroleum-industry-bill-into-law\/","url_meta":{"origin":10562,"position":0},"title":"NIGERIA: Energy Chamber Salutes President Buhari Signs Historic Petroleum Industry Bill into Law","author":"","date":"August 18, 2021","format":false,"excerpt":"The long-awaited Petroleum Industry Bill has officially been signed into law, a month after it was voted through by both chambers of the National Assembly. After twenty-years of deliberation and revision, Nigeria\u2019s historic Petroleum Industry Bill (PIB) has officially been signed into law by H.E. President Muhammadu Buhari. The signing\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/President-Buhari.jpg?fit=711%2C470&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/President-Buhari.jpg?fit=711%2C470&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/President-Buhari.jpg?fit=711%2C470&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/President-Buhari.jpg?fit=711%2C470&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9376,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigerias-changing-legal-regime-is-africas-biggest-oil-producer-finally-within-reach-of-a-new-oil-law\/","url_meta":{"origin":10562,"position":1},"title":"Nigeria\u2019s Changing Legal Regime: Is Africa\u2019s Biggest Oil Producer Finally Within Reach of a New Oil Law?","author":"","date":"November 9, 2020","format":false,"excerpt":"By NJ Ayuk, Executive Chairman, African Energy Chamber\u00a0 This week, the African Energy Chamber will publish a report outlining its short-term predictions for the continent. That report, Africa Energy Outlook 2021, identifies Nigeria as the country with the most potential for increasing hydrocarbon production. But it also points out that\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11935,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africas-regulatory-landscape-sees-critical-industry-advancing-reforms\/","url_meta":{"origin":10562,"position":2},"title":"Africa\u2019s Regulatory Landscape Sees Critical, Industry-Advancing Reforms","author":"","date":"February 28, 2022","format":false,"excerpt":"The African Energy Chamber\u2019s Q1 2022 Outlook, the State of African Energy, details regulations implemented in Nigeria and Egypt that are fast tracking sectoral growth. With the energy transition pressuring international investors to focus on renewable energies, capital for oil and gas projects in Africa has been significantly restricted. Accordingly,\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Oil-Gas-Nigeria.jpg?fit=659%2C380&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Oil-Gas-Nigeria.jpg?fit=659%2C380&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Oil-Gas-Nigeria.jpg?fit=659%2C380&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9230,"url":"https:\/\/www.oilnewskenya.com\/index.php\/60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/","url_meta":{"origin":10562,"position":3},"title":"60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer","author":"","date":"October 1, 2020","format":false,"excerpt":"On Oct. 1, 1960, everything seemed possible for Nigeria: After nearly 80 years of colonialism under Great Britain, it was finally an independent nation. During the newly independent nation\u2019s earliest days, there was every reason for Nigerians to envision a bright future for themselves and their country, one in which\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/NJ-Ayuk.jpg?fit=1200%2C734&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/NJ-Ayuk.jpg?fit=1200%2C734&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/NJ-Ayuk.jpg?fit=1200%2C734&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/NJ-Ayuk.jpg?fit=1200%2C734&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/NJ-Ayuk.jpg?fit=1200%2C734&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10032,"url":"https:\/\/www.oilnewskenya.com\/index.php\/shell-invests-to-support-nigerias-domestic-gas-ambition-for-industrialization\/","url_meta":{"origin":10562,"position":4},"title":"Shell Invests to Support Nigeria\u2019s Domestic Gas Ambition for Industrialization","author":"","date":"March 2, 2021","format":false,"excerpt":"The Shell Petroleum Development Company of Nigeria Limited (SPDC), has restated commitment to support the Federal Government of Nigeria\u2019s goal of using the country\u2019s proven gas reserves to trigger economic activities for gas-based industrialization. SPDC\u2019s Managing Director and Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor, said Shell\u2019s\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Gas-flaring.jpg?fit=450%2C361&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11951,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-takes-the-lead-in-exploration-production-and-regulation-in-2022\/","url_meta":{"origin":10562,"position":5},"title":"Nigeria Takes the Lead in Exploration, Production and Regulation in 2022","author":"","date":"March 3, 2022","format":false,"excerpt":"Nigeria represents one of Africa\u2019s heavyweights when it comes to hydrocarbon exploration and production. With over 36 billion barrels of oil (bbl) and 200 trillion cubic feet of natural gas, the country has managed to position itself as both an attractive upstream market and competitive producer. In its Q1 2022\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Nigeria-Oil-Rig.jpg?fit=907%2C535&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Nigeria-Oil-Rig.jpg?fit=907%2C535&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Nigeria-Oil-Rig.jpg?fit=907%2C535&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Nigeria-Oil-Rig.jpg?fit=907%2C535&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10562"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10562\/revisions"}],"predecessor-version":[{"id":10563,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10562\/revisions\/10563"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10229"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}