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House promises to pass PIB into law

Posted by: Chioma Onyia in Business 1 min ago

Chairman of the committee on Petroleum Resources (Upstream), Hon Ajibola Muraino, yesterday assured that the House of Representatives will pass the Petroleum Industry Bill (PIB) into law.

Muraino, who spoke while the Committee was at the Nigerian National Petroleum Corporation (NNPC), Abuja, for its oversight functions, the lawmakers are fine- tuning the bill in accordance with international best practice.

He said : “The Committee isputting finishing touch to the bill. We are trying to look at the other jurisdictions of the  world so that we can come up with a world class legislation. This one we will get it done particularly with the situation of things,“ adding that the House will continue to look into the activities of the NNPC.

He  said there was a joint Committee meeting on the petroleum upstream delivery, adding that the legislators have called on the Federal Government to implement the resolutions.

NNPC Group Managing Director, Andrew Yakubu, told the Committee that following the security measures put in place by the Federal Government, the production of crude oil has risen from 2.1million barrels per day to 2.4million barrels per day, saying, “as we speak today, we have recorded a significant improvement in checking pipeline vandalism. And as of two days ago, the report I got from the industry has also recorded an important drop in the theft.”

According to the NNPC boss, the issue of vandalism and security of oil installations are having the highest attention from all the stakeholders.

He said before the lawmakers went on recess there was a public hearing on oil theft and vandalism from which the House  passed some resolutions.

Yakubu added that the resolutions were the major ingredients incorporated into the strategies to curb oil theft.

The Nigerian National Petroleum Corporation (NNPC has said that the massive ongoing gas pipeline projects across the country will provide a veritable platform for individual homes and estates to be linked with gas pipelines to enhance its home use  use.