Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke says the Petroleum Industry Bill, PIB, currently before the National Assembly will transform the nation’s oil and gas industry when passed into law.
She stated this at the Africa Energy Summit session during the Cambridge Energy Research Association, CERAWEEK 2013, in Houston, Texas, U.S.
A statement issued by the Group General Manager, Public Affairs, NNPC, Ms. Tumini Green said the minister was represented by the Group Executive Director, Exploration and Production, NNPC, Mr. Abiye Membere.
It said the PIB will ensure the development of the nation’s abundant oil and gas reserves, encourage significant infrastructural development and situate the Gas revolution.
The statement said aside attracting new investors to the nation’s oil and gas industry, the bill will also ensure that new fiscal regime is put in place to address all issues of equity among stakeholders.
It noted that the instability in the Niger Delta would be addressed by the PIB and the country’s revenue would be well-managed for a balanced development of the country.