{"id":35282,"date":"2019-10-15T11:42:49","date_gmt":"2019-10-15T10:42:49","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=35282"},"modified":"2019-10-15T11:42:49","modified_gmt":"2019-10-15T10:42:49","slug":"why-we-are-amending-production-sharing-contract-law-senate-president","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/why-we-are-amending-production-sharing-contract-law-senate-president\/","title":{"rendered":"Why We Are Amending Production Sharing Contract law \u2013 Senate President"},"content":{"rendered":"

The President of the Senate, Ahmad Lawan on Monday justified the current move by the Senate to amend the law on Production Sharing Contract in the oil industry. Lawan said \u201cit has become absolutely necessary for us to do so as a country so that we can generate more revenues from our endowments.\u201d<\/p>\n

He spoke while declaring open a public hearing on the Deep Offshore and Inland Basin Production Sharing Contract 2004 (amendment) Bill 2019 which is being sponsored by Senator Albert Bassey Akpan.<\/p>\n

The public hearing was convened jointly by the Senate committees on Petroleum (upstream), Gas, finance and Judiciary.\u00a0 The Senate President said that the Senate will, in the process of carrying out the amendment, be mindful of the need to maintain a competitive environment for businesses to continue to thrive.<\/p>\n

The Senate, he said, will also ensure that the Oil and Gas business in Nigeria remain profitable. The bill seeks to amend section 5 of the PSC Act to bring the provisions of that section into conformity with the generality of provisions of the Act and into congruence with the intendment and essence of Production Sharing Contracts.<\/p>\n

\u201cWe want to attract more investments and therefore it is absolutely necessary that we engage in a process that we produce a win-win situation\u201d for Nigeria and the business concerns in the oil and gas industry.<\/p>

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\u201cLet me assure everyone here that the national assembly is determined to pass this bill and of course that will be a precursor to our determination to pass the Petroleum Industry Bill next year,\u201d Lawan said.<\/p>\n

The Petroleum Industry Bill was first introduced in 2007 and the bill is yet to be passed in its entirety. Lawan said the National Assembly will this time around adopt a different approach to make the passage of the PIB a reality. \u201cWe want to see a situation where the Legislature and the Executive work very closely to have a PIB that will attract investment into the oil and gas sector in Nigeria.<\/p>\n

\u201cAn investment climate that will be competitive; we know we have other countries who have this product, and therefore we have to be competitive, we have to have an environment where the businesses make profit. \u201cThis is a journey that involves everyone.\u00a0 We want both government \u2013 and that includes the legislature and executive on one hand and IOCs (International Oil Companies) to work together to ensure that this environment we are trying to create is an environment that will work for all of us,\u201d Lawan said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The President of the Senate, Ahmad Lawan on Monday justified the current move by the Senate to amend the law on Production Sharing Contract in the oil industry. Lawan said \u201cit has become absolutely necessary for us to do so as a country so that we can generate more revenues from our endowments.\u201d<\/p>\n","protected":false},"author":6,"featured_media":35283,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[6274],"coauthors":[2391],"class_list":["post-35282","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-production-sharing-contract-law"],"yoast_head":"\nWhy We Are Amending Production Sharing Contract law \u2013 Senate President - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/why-we-are-amending-production-sharing-contract-law-senate-president\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why We Are Amending Production Sharing Contract law \u2013 Senate President - National Wire\" \/>\n<meta property=\"og:description\" content=\"The President of the Senate, Ahmad Lawan on Monday justified the current move by the Senate to amend the law on Production Sharing Contract in the oil industry. 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