From the founding of the Oil and Gas Reform Implementation Committee (OGIC) to the formation of the Petroleum Industry Bill (PIB) to the passage(s) of the Bill to the final passage(s) of the Bill to the historic Presidential signing of the Bill, here are some of the most significant events:
- Nigeria established the Oil and Gas Reform Implementation Committee (OGIC), which was chaired by Engr Rilwanu Lukman (Presidential Adviser on Petroleum and Energy), to restructure the country’s hydrocarbons legislation, replacing 16 laws with one and modernising the sector along more market-oriented lines. The committee was inaugurated on 24 April 2000.
- The Federal Government established the National Oil and Gas Policy and reconstituted the OGIC to make recommendations for the establishment of a new institutional framework to govern the operations of the oil and gas industry, including the establishment of a new National Oil Company, new regulatory bodies, and a new national directorate, to ensure more effective policy formulation.
- The Lukman Report, published by OGIC in 2008, advocated a new regulatory and institutional structure to ensure better openness and accountability. The report served as the foundation for the first PIB, which was presented as an Executive Bill in 2008.
- On July 18, 2012, President Goodluck Jonathan presented a new version of the PIB to the National Assembly for discussion and enactment.
- The British Minister for Africa, Henry Bellingham, praised the proposed Petroleum Industry Bill and said it is excellent for foreign investment in Nigeria’s oil and gas industry.
- The Bill scaled through the second reading on the floor of the House of Representatives.
- The Federal Government started negotiations with International Oil Companies (IOCs) and indigenous operators on the proposed fiscal regime contained in the Petroleum Industry Bill (PIB) to amend some of the fiscal terms.
- Speaker of the House of Representatives, Aminu Waziri Tambuwal, inaugurated a 23-man ad-hoc committee to consider the provisions of the Petroleum Industry Bill (PIB).
- PIB passed its first and second reading.
- On Monday, April 22nd and Tuesday, April 23rd, the House of Representatives hosted zonal public hearings in Port Harcourt, Enugu, Lagos, Kaduna, Ilorin, and Gombe.
- The Joint Committee on the Petroleum Industry Bill (PIB) in the Senate held the first of two public hearings on the bill.
- The Senate’s second hearing on PIB was postponed. The Chairman of the Senate Committee on Petroleum (Upstream), Emmanuel Paulker, said the postponement was due to Hajj.
- The Minister of Petroleum, Diezani Alison-Madueke suggested that the PIB be split up to ensure speedy passage into law.
- The Petroleum Industry Bill was passed by the House of Representatives.
- The newly appointed Group Managing Director of NNPC, Dr Ibe Kachikwu, stated that the reform of the oil and gas industry will begin before the Petroleum Industry Bill is passed.
- The government proposed passing the PIB in various segments, forming four separate bills, which are:
- Petroleum Industry Governance Bill
- Fiscal Regime Bill
- Upstream and Midstream Administration Bill
- Petroleum Host Communities Bill
- The Petroleum Industry Governance Bill 2016 passed first reading.
- The remaining three bills, according to Minister of State for Petroleum Resources, Dr Ibe Kachikwu, were in the final stages of editing and were to be given to the Federal Executive Council and other stakeholders for their inputs.
- FG proposed a single Petroleum Sector Regulator with the Minister of Petroleum as the Chair.
- The first hearing on the Petroleum Industry Fiscal Bill (PIFB) was successful.
- The National Gas Policy was approved by the Federal Executive Council.
- The Nigerian Senate passed the Petroleum Industry Administration Bill, the Petroleum Industry Fiscal Bill, and the Petroleum Host Community Bill at the second reading.
- The National Oil Policy was approved by the Federal Executive Council.
- The Petroleum Industry Governance Bill was passed by the Nigerian Senate.
- The House of Representatives passed the Petroleum Industry Governance Bill (“PIGB”).
- National Assembly passed the Harmonized Petroleum Industry Governance Bill.
- Petroleum Industry Bill passed through first reading at the National Assembly.
- PIB passed through the second reading at the Nigerian House of Representatives.
- Host communities demanded a 10% equity share.
- The Senate conducted a public hearing on the PIB.
- Senate passed the Petroleum Industry Bill.
- House of Representatives passed the Petroleum Industry Bill.
- On Monday, August 16th 2021, President Buhari signed the Petroleum Industry Bill into law.