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Tag Archives: Petroleum Industry Bill (PIB)

PIB proposes revocation of licences of oil firms over neglect of host communities

Timipre Sylva

The new Petroleum Industry Bill (PIB) before the National Assembly is proposing the revocation of licenses for oil and gas companies who neglect their obligations to the host communities. Minister of State for Petroleum Resources, Chief Timipre Sylva The bill revealed that the power to revoke the licenses is vested on the Minister of Petroleum Resources. According to the bill, ...

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Oil companies to incorporate host community development trust – PIB

oil-nigeria

Oil companies operating in Nigeria are expected to incorporate a host community trust for social and economic benefit from petroleum operations in the host communities. Oil exploration From excerpts in the new Petroleum Industry Bill (PIB) obtained in Abuja, the aim of the trust is to foster sustainable prosperity within the host community. It will be recalled that militants over ...

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