Chief Timipre Sylva, Minister of State for Petroleum
Resources, says review of the Petroleum Industry Bill (PIB) is at an advanced
stage and full passage of the bill is expected mid-2020.
Sylva made the announcement on Wednesday, in a statement to
mark the New Year which was made available to the News Agency of Nigeria (NAN)
in Lagos.
Grow your business with us
The minister, while reviewing the performance of the
petroleum ministry, described 2019 as a very busy and prosperous year for the
ministry and its agencies.
According to him, the ministry’s achievements included
Amendment of the Deep Offshore (and Inland Basin Production Sharing Contact)
Act, and signing of Final Investment Decision on the Nigerian Liquefied Natural
Gas (NLNG) Train 7 project.
He said others were the discovery of crude oil in the Upper
Benue Trough and the hosting of the Extraordinary Session of the Council of
Ministers of the African Petroleum Producers Organisation and the emergence of
Nigeria’s Dr Omar Ibrahim as its Secretary General
“We thank every Nigerian, all our key stakeholders, heads of
agencies of the ministry: Nigerian National Petroleum Corporation, Department
of Petroleum Resources, Petroleum Technology Development Fund and Nigerian
Content Development and Monitoring Board.
“Petroleum Products Pricing Regulatory Agency, Petroleum
Equalisation Fund (Management) Board, Nigerian Nuclear Regulatory Authority and
the Petroleum Training Institute) and every member of staff, for all the
support.
“We look forward to delivering on all our aspirations as we
remain committed and focused in the New Year,” Sylva added.