The House of Representatives has finalised plans to convene a stakeholders summit on the new version of Petroleum Industry Bill (PIB). The summit, which was earlier scheduled to hold June 13-15, has been shifted to July 18-20.

A statement issued on Friday by the Chairman, House Committee on Petroleum Resources Downstream, Hon. Victor Nwokolo, said: “The summit was convened by the House as a result of inability of the executive to forward new version of the Petroleum Industry Bill (PIB), to the National Assembly to hold a stakeholders conference on the new legislation.”

The statement added: “The primary objective of the workshop is to bring all Stakeholders in the industry together to afford them the opportunity of discussing relevant issues pertaining to the reform of the Petroleum Industry in Nigeria and contributing to the development of an appropriate legal framework for petroleum industry Reform.

“Also, it is expected that the deliberations at the workshop would enhance the quality of any Bill that will in due course be considered by the House, and enhance the quality of debate thereto and hopefully facilitate its smooth passage.

“For the facilitators, participants, and the Nigerian public and particularly, members of the National Assembly, the Workshop would provide a unique opportunity to learn more about the Nigerian petroleum industry, how it works, why reform has failed in the past, and why it must not fail this time.

“The workshop will also give all interested persons a greater appreciation of the opportunities and challenges of the sector from diverse perspectives as well as grant them access to the various, positions held in different quarters.

“Consequently, the workshop will interrogate salient issues that will lead to the emergence of appropriate drafts that is in sync with national interests as well as provide direction during the legislative drafting process while promoting the emergence of an industry that provides a level playing field for all deserving operators.

“Above all, the workshop is intended to result in a connected set of Bills which promote transparency; contain robust governance mechanisms; clearly define roles; provide a standardised and acceptable framework for fiscal and revenue generation and management; effectively regulate and maximise the potentials of the upstream and downstream petroleum sectors; and positively promote the realisation of environmental and community benefits and corporate social responsibility.”

•Photo shows the House of Reps in session.