Sufuyan Ojeifo
2 July 2009
Abuja — Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Mohammed Barkindo, assured yesterday that the Petroleum Industry Bill (PIB), when passed into law, would ensure rapid growth and development of the entire petroleum sector of the national economy.
He gave the assurance on the premises of the Senate shortly after the Senate wrapped up the second reading (debate on the general principles) of the Bill and referred it to its joint ad-hoc committee made of Committees on Petroleum (Upstream and Downstream) and Gas.
Barkindo said in an interview with journalists: "The state of this bill, when passed into law, is going to fundamentally change the landscape of the oil and gas industry in this country.
"You have heard the debate that the senators had and probably about 99 percent of senators who spoke came not only in strong support of the bill but went further to elaborate on the content of this bill in greater details that we did not even expect.
"I want to use this opportunity to congratulate the senators for a great job and we hope that we will be able to fast track the passage of this bill in record time so that all the stakeholders will get back to work in line with aspirations of the bill in support of this industry that we rely upon for our sustenance which we will continue to rely on for probably a long time to come."
Barkindo said that no time could have been more apposite than now for the passage of the bill, which seeks to unbundle the Nigerian National Petro-leum Corporation (NNPC) and scrap the Ministry of Petroleum Resources.
According to him, "As you heard from Senator Olorunnimbe Mamora, it is better late than never. This industry has been in operation for nearly 50 years despite the number of legislations totaling over 16.
"Yet, this is the first time we are having one, all encompassing legislation that covers the entire industry upstream, midstream, downstream and gas that will bring the industry into the 21st century and put it on the path of growth and development."
Barkindo said that the issue of the environment raised by senators was well noted, stressing that efforts should be made to strengthen specific provisions of the Bill in respect of the environment where oil is produced.
At the end of exhaustive debate, Senate President, Senator David Mark, put the question whether the Bill should be read for a second time (reading of the long title of the Bill) and he ruled in favour of those who voted in support.He referred the Bill to the joint committee (of Petroleum Upstream, Petroleum Downstream and Gas) with an initial deadline of three weeks to submit its report. The deadline could be extended consequent upon request by the committee.
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