Still on Petroleum Industry Act

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A lot has been said of the recently signed PIB (Petroleum Industry Bill) which has since become law to be enforced throughout the length and breadth of Nigeria.

However, UNCENSORED cannot but agree with those who pick holes in the new law. For instance, how could the Federal Government hope to remit a whopping 30% to Frontier Exploration Fund for the development of frontier acreages in addition to 10% of the rent on petroleum prospecting licences and mining leases, this is despite years of unsuccessful prospecting for oil in the Lake Chad region. For those who may not be aware, frontier averages are found in mostly the northern region of the country.

Aside from the fact that geologists have maintained that it is difficult to source crude oil in that region, it even confounds logic that Nigeria will be spending their huge sum for a product that is losing international relevance. It is a known fact that the world is moving away from fossil fuel to renewable energy sources. It is predicted that in less than 10 years from now, many countries would have banned the use of petrol and diesel.

While it is difficult to justify the above, the new law appears to have rubbed salt on the injury when it recommended a paltry 3% to people at the receiving end of oil exploration. This is even with a caveat, a community that witnesses a burst pipeline automatically loses its claim to the fund.

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