L
LequteMan
Guest
The newly revised Petroleum Industrial Bill has stripped Nigerian presidents of the discretionary power to allocate oil blocks, a report by The Cable says.
The final draft of the new bill, “Petroleum industry governance and institutional framework bill 2015”, which was concluded on December 2, 2015, limits the power of the president to appoint members of the board of the regulatory commission.
The bill now confers the power to allocate petroleum exploration and production leases and licences to the Nigeria Petroleum Regulatory Commission (NPRC) which shall be established under the act.
It however grants the petroleum minister the power to control the oil blocks under the recommendation of the commission.
The bill aims to promote transparency and accountability in the administration of the petroleum resources of Nigeria, while creating a conducive business environment for petroleum industry operations.
The final draft of the new bill, “Petroleum industry governance and institutional framework bill 2015”, which was concluded on December 2, 2015, limits the power of the president to appoint members of the board of the regulatory commission.
The bill now confers the power to allocate petroleum exploration and production leases and licences to the Nigeria Petroleum Regulatory Commission (NPRC) which shall be established under the act.
It however grants the petroleum minister the power to control the oil blocks under the recommendation of the commission.
The bill aims to promote transparency and accountability in the administration of the petroleum resources of Nigeria, while creating a conducive business environment for petroleum industry operations.
