PIB Will Make NNPC World-Class, Says Madueke
ABUJA, June 29, (THEWILL) - The reviewed Petroleum Industry Bill (PIB), when passed into law, will transform the Nigerian National Petroleum Corporation (NNPC) into a world-class commercial entity, petroleum minister, Mrs. Diezani Allison-Madueke has said.
Madueke was speaking while leading a delegation of the Special Task Force on the Review of PIB and the PIB Technical Committee to submit the reviewed bill to President Goodluck Jonathan at the State House, Abuja.
“The reconfiguration of NNPC is to ensure that going forward, it becomes the commercial entity that it is supposed to be, and we can actually grow a first-rate national oil company that, over the years, will grow to compete with other national oil companies, such as the likes of Petronas, Petrobras, and so on,” Madueke said.
“The intention [of the bill] is to ensure that going forward, the Ministry of Petroleum resources is actually professionally run, and that it engages professionals in the oil and gas sector to work within it, which is not the case at all now.”
She explained that the review of the bill, which lasted about six months, was painstaking, and has been infused with such details as fiscal regime, domestic gas, reconfiguration of the NNPC and administrative roles within the oil sector.
“Mr. President has directed that the Ministry of Petroleum joins relevant government stakeholders to embark on the final overview, and prepare it for presentation to the Federal Executive Council,” she disclosed.
“This is not a small bill; it is a critical bill for this country and for our oil and gas sector. Therefore at this point, government will do the final review and put it in front of the FEC for approval. Part of that process is that it will go through the attorney-general’s office.”
She further urged Nigerians to be patient with the committees, as members have resolved to do all within their power to ensure the presentation of the bill to the National Assembly within two weeks, saying “We are very comfortable with it and we are putting forward a bill that we believe the oil and gas sector can stand on, and can grow on for many years to come.”