The President of the Senate, Ahmad Lawan has said that the current move by the Senate to amend the bill on Production Sharing Contract in the oil and gas industry is aimed at generating more revenues from Nigeria’s endowment.
Lawan in a statement signed by his Special Adviser on Media, Ola Awoniyi, added that the move has become necessary and the process will create a way for the passage of the Petroleum Industry Bill in 2020.
The Senate President spoke while declaring open a public hearing on the Deep Offshore and Inland Basin Production Sharing Contract 2004 (amendment) Bill 2019 which was convened jointly by the Senate committees on Petroleum (upstream), Gas, finance, and Judiciary.
“It has become absolutely necessary for us to do so as a country so that we can generate more revenues from our endowments.
“We want to attract more investments and therefore it is absolutely necessary that we engage in a process that we produce a win-win situation for Nigeria and the business concerns in the oil and gas industry.
“Let me assure everyone here that the National Assembly is determined to pass this bill and of course that will be a precursor to our determination to pass the Petroleum Industry Bill next year,” Lawan said.
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Lawan said that the PIB which was first introduced in 2007 and is yet to be passed will have a different dimension that will aid its reality.
“We want to see a situation where the Legislature and the Executive work very closely to have a PIB that will attract investment into the oil and gas sector in Nigeria.
“An investment climate that will be competitive; we know we have other countries who have this product, and therefore we have to be competitive, we have to have an environment where the businesses make a profit.
“This is a journey that involves everyone. We want both governments – and that includes the legislature and executive on one hand and IOCs (International Oil Companies) to work together to ensure that this environment we are trying to create is an environment that will work for all of us,” Lawan added.
He explained that the Senate has resolved to ensure that the Oil and Gas business in Nigeria remain profitable and are mindful of the need to maintain a competitive environment for businesses to continue to thrive.