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LequteMan
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A Nigerian House of Representatives committee has finalised a key report on a new National Petroleum Industry bill, recommending that the president's power to grant oil licences should be removed, Reuters reports.
An executive summary of the report also said the government should float 30 percent of the NNPC on the Nigerian stock exchange.
The summary did not say when the report would be submitted to the lower house of parliament for a vote.
In other recommendations, the summary said the government should start monitoring oil output by measuring at flow stations, rather than at the point of export, in a bid to bring clarity to production figures and crack down on corruption.
It also said the new bill should not affect the "sanctity" of existing petroleum licences, allaying industry concerns that it might be applied retroactively.
#Nigeria #Oil #NNPC
An executive summary of the report also said the government should float 30 percent of the NNPC on the Nigerian stock exchange.
The summary did not say when the report would be submitted to the lower house of parliament for a vote.
In other recommendations, the summary said the government should start monitoring oil output by measuring at flow stations, rather than at the point of export, in a bid to bring clarity to production figures and crack down on corruption.
It also said the new bill should not affect the "sanctity" of existing petroleum licences, allaying industry concerns that it might be applied retroactively.
#Nigeria #Oil #NNPC