THE PETROLEUM INDUSTRY ACT (PIA), A VEHICLE FOR THE REVOLUTION OF THE PETROLEUM INDUSTRY (the first series)
THE PETROLEUM INDUSTRY ACT (PIA), A VEHICLE FOR THE REVOLUTION OF THE PETROLEUM INDUSTRY (the first series)~ by Olubor Uyi Esq. For the best part of the last two decades. The Nigerian Legislature has tried effortlessly to revitalize the Petroleum industry by trying to pass the Petroleum Industry Bill (PIB). However, this bill has continually been hindered, either due to legislative filibustering or constitutional impediments on passing of Legislative bills. However, this year the National Assembly passed the PIB which was finally assented by the President. The PIA aims at promoting transparency, good governance and accountability in the administration of petroleum resources in Nigeria. This is one major reason the National Assembly via the PIA decided to unbundle the Nigeria National Petroleum Commission (NNPC) into the Upstream commission which will be responsible for the governance of the upstream Operations and the Midstream and Downstream Authority who would oversee the midstr...