Chief Timipre Sylva, Minister of State for Petroleum Resources, says the review of the Petroleum Industry Bill is at an advanced stage and its full passage expected mid-2020.
Sylva made the announcement on Wednesday in a statement to mark the new year, which was made available to the News Agency of Nigeria in Lagos.
The minister, while reviewing the performance of the petroleum ministry, described 2019 as a very busy and prosperous year for the ministry and its agencies.
According to him, the ministry’s achievements included Amendment of the Deep Offshore (and Inland Basin Production Sharing Contact) Act, and signing of Final Investment Decision on the Nigerian Liquefied Natural Gas Train 7 project.
He said others were the discovery of crude oil in the Upper Benue Trough and the hosting of the Extraordinary Session of the Council of Ministers of the African Petroleum Producers Organisation and the emergence of Nigeria’s Dr. Omar Ibrahim as its Secretary General
Sylva said: “We thank every Nigerian, all our key stakeholders, heads of agencies of the ministry: Nigerian National Petroleum Corporation, Department of Petroleum Resources, Petroleum Technology Development Fund and Nigerian Content Development and Monitoring Board.
“Petroleum Products Pricing Regulatory Agency, Petroleum Equalisation Fund (Management) Board, Nigerian Nuclear Regulatory Authority and the Petroleum Training Institute) and every member of staff, for all the support.
“We look forward to delivering on all our aspirations as we remain committed and focused in the New Year.”
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