This article examines the Petroleum Industrial Bill 2012 (PIB) that is currently before the Nigerian National Assembly. It examines the salient provisions of the PIB, juxtaposing them with relevant provisions of extant petroleum sector law, analyses the objectives of the PIB, the institutions established under the PIB and provisions relating to the upstream and downstream petroleum sectors. It reviews proposed provisions on gas policy, health, safety and the environment, taxation and accounting and indigenous petroleum companies. It also lists the repeal and savings provisions before concluding with the consequences of the delayed introduction of the PIB on the future of the sector in Nigeria.

This article is part of the multi-jurisdictional guide to energy and natural resources. For a full list of content visit www.practicallaw.com/energy-mjg.