Chief Timipre Sylva, Minister of State for Petroleum Resources, says the 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 in Lagos.
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.