The Minister of Petroleum Resources, Diezani Alison-Madueke on Tuesday said that the proposed Petroleum Industry Bill (PIB) will encourage host communities to protect oil and gas infrastructure in their area.
Speaking at the 18th National Economic Summit during a panel discussion on “PIB and the future of Nigeria’s Oil Industry”, the minister said that the government has created a mechanism to formally recognize host communities as important stakeholders by assigning oil and gas infrastructure security to the communities.
The minister also mentioned that the PIB, when passed into law would increase participation of new players in oil and gas industry through the proposed new acreage management system.
“This involves the release of acreage that have been held without activity due to one constrain or another.’’
The minister ruled out opinions being expressed in some quarters that the country’s Fiscal regime was responsible for the low exploration activities within the sector.
