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.
Institute says the situation was promptly brought under control.
The performance placed Nigeria among a select group of countries that have made substantial progress…
JAMB said the release of the mop-up results marks the completion of the examination process,…
The stalemate came hours after one of the biggest shocks in World Cup history when…
The Iranian team's very presence at the Los Angeles Stadium had long felt uncertain, after…
Within sub-Saharan Africa, Nigeria accounts for roughly 60 per cent of stablecoin inflows since 2019,…