MORE than a decade after it was first presented in the parliament, the National Assembly has finally passed the Petroleum Industry Bill. Aimed at revolutionising the country’s hydrocarbon industry, the bill suffered a 13-year delay before the Senate and the House of Representatives approved it on July 1. A regulator called the National Petroleum Regulatory Commission is established, which abolishes a slew of agencies, among them, the Department of Petroleum Resources, and the Petroleum Equalisation Fund. The current Ministry of Petroleum Resources gives way to the Ministry of Petroleum Incorporated. In the United States, states control their oil resources, and the centre receives royalties and taxes.

Source: Punch July 18, 2021 23:26 UTC