May 17, 2018
On Wednesday, 15 May 2018, the lower house of the National Assembly, the House of Representatives, commenced a Public Hearing on the Petroleum Industry Reform Bills. These include the Petroleum Industry Administration Bill, the Petroleum Industry Fiscal Bill, and the Petroleum Host and Impacted Communities Development Bill.
Recall that the Petroleum Industry Bill was split into four parts for easier passage. The Petroleum Industry Governance Bill, being the first part, has since been passed by both the Senate and the House of Representatives but now awaits Presidential assent to become law. The three other parts were published by the National Assembly on 30 April 2018 and will also be subjected to Public Hearing before the Senate between 22 to 24 May 2018.
With the recent passage of a significant number of bills by the National Assembly, it is expected that the Petroleum Industry Reform Bills will all be passed by the Senate and possibly by the President within the current or next fiscal year. We will continue to monitor developments and provide further highlights on the provisions of the published Bills.