It Will Take 5years To Start Implementation Of PIB – Petroleum Minister

Channels Television  
Updated July 18, 2013

The full implementation of the Petroleum Industry Bill (PIB) will not take off until after five to six years from the day it is passed into law.

This was made known by the Minister of Petroleum, Diezani Alison-Madueke, who has called for a dispassionate consideration of the bill by the National Assembly.

She was speaking at the opening of the Senate joint committee public hearing on the PIB, where she explained that the proposed powers of the Minister as contained in the bill is in tandem with international best practices.

The Minister is given the sole power to award oil wells to interested bidders amd it would include supervising all institutions of the oil industry.

The bill also states that anyone who does not comply with the oil minister’s orders can be fined or jailed.

“The powers vested in the minister are not different from (those in) … other countries in which best practices are followed,” Alison-Madueke said, defending the clauses.

“The powers complained of are even less than what my counterparts in advanced oil producing countries enjoy.”

She also rejected accusations that she was surreptitiously trying to increase her own powers, arguing that by the time the bill was operational, probably in no less than five years, she and President Jonathan would no longer be in their posts.

“The bill when passed into law should represent a win-win situation for all stakeholders. It would further enhance the sector and contribute to the GDP (gross domestic product),” she said.

Some industry players have criticised the powers vested in the Minister of Petroleum in the bill and called for a review.