The Nigeria National Petroleum Corporation has applauded the Petroleum Industry Governance Bill being legislated upon by the National Assembly. The PIGB splits the state run corporation into three different entities.
The corporation said the new bill would serve “as the necessary prelude to the enactment of subsequent legislation for the upstream, midstream and downstream, fiscal, commercial and operational framework of the oil and gas industry”.
The NNPC also acknowledged that the PIGB initiation, separate from the fiscal and commercial framework, would hasten the overall consideration of Petroleum Industry Bill
and also facilitate the “ease of execution, when eventually passed into law”.
The PIGB, which focuses mainly on administration and privatisation of the petroleum
industry, splits the NNPC into three different entities -The Nigeria Petroleum Regulatory Commission, National Petroleum Assets Management Company and Nigeria Petroleum
Company.
