Nigeria’s Senate has asked the Department of Petroleum Resources to begin presenting a monthly report which shows a daily breakdown of oil and gas production and sales.
According to Tayo Alasoadura, the chairman of the Senate committe on petroleum, revealed on Monday, November 7, 2016 that the data would give the lawmakers an opportunity to have deeper knowlegde on the activities of the petroleum sector.
The report would include, data on seismic activities, crude oil production, lifting and allocations as well as exports by destination.
Other details are receipts, gas production, utilisation, sales, transmission and exports.
This new measure comes a week after the Senate reactivated the process for passing the Petroleum Industry Bill which would provide a robust framework for the oil industry in Nigeria.
Oil and gas provides over 80% of the national income for the government of Nigeria and 95% of the natural resources are produced in the troubled region of the Niger Delta in southern Nigeria.
PIB Bill Passes 2nd Reading
The Nigerian Senate successfully concluded the Second Reading of SB 237, A Bill for an Act to Provide for the Governance and Institutional Framework for the Petroleum Industry, or better known as the Petroleum Industry Bill, PIB.
In completing the 2nd reading and passing the bill to the committee for further review and a report, the Senate reaffirmed its commitment to make the PIB its highest legislative priority.
“We are going to work hard to make sure that we follow through on our plan to ensure that the reform of the petroleum sector is comprehensively achieved,” said Senate President Bukola Saraki said on Wednesday, November 2, 2016.
The Senate president went on to state “what we have done today is ensure we improve the enabling environment for the petroleum industry. We have moved forward an important piece of legislation that instills transparency and efficiency to truly internationalize this sector.”
The PIB has long been viewed as an economically important and eagerly awaited reform bill. Up until now, the bill has stalled at Second Reading stage in previous assemblies.
“There should be no doubt amongst Nigerians and the international community that we intend to pass the PIB. Through negotiation and dialogue, the Senate has successfully revived the most critical piece of legislation in the last decade. The enhanced governance and transparency provisions will ensure Nigerians see far more benefit from the oil and gas sectors than they ever have before,” Saraki said.
