PIB’s Fiscal Regime: A Moment of Truthfulness

I’m starting to have this sinking feeling that meaningful opportunities are slipping away from the Petroleum Industry Bill’s (PIB) debate – particularly its fiscal regime. Stakeholders are threading the 2009 PIB path of self-destruct. Although, the global debate regarding oil and gas fiscal regime is not new and will continue for ages, one wonders the motive behind the IOC’s recent chutzpah of debagging the PIB on the pages of Newspapers instead of a constructive discourse.

Some background: Although you’d never know it from all the diatribes, with the IOC’s predicting a dooms day if the PIB is passed, the PIB is based on the Report of the Oil and Gas Reform Implementation Committee (OGIC) set up by the Federal Government in year 2000 to carry out a comprehensive reform of the oil industry. The PIB is a reform legislation geared towards a robust legislation that establishes lucid rules, procedures and institutions for the administration of the petroleum industry in Nigeria.

– See more at: http://www.vanguardngr.com/2013/09/pibs-fiscal-regime-a-moment-of-truthfulness/#sthash.bSyNBkeO.dpuf