The Petroleum Industry Bill (PIB) has passed second reading in the Senate.

Part of the document which scaled second reading on Wednesday provides for the governance and institutional framework for the Oil and Gas Industry.

The PIB was broken down into five parts to allow for an in depth analysis of the bill.

One of the cardinal objectives of the PIB is to create a single regulatory agency for the petroleum sector.

The bill splits the NNPC into two separate entities namely the Nigeria Petroleum Assets Management Company (NPAMC) and a National Oil Company (NOC).

The NOC will be an integrated oil and gas company operating as a fully commercial entity and will run like a private company.

The bill began its journey of passage in the National Assembly in 2008, when the late President Umaru Yar’Adua forwarded it as an executive bill for consideration.

Although, it scaled second reading in both chambers of parliament, but in the sixth and seventh National Assemblies it was not passed into law.

The Senate President, Dr. Bukola Saraki, had promised on his assumption of office in the eighth Senate that the PIB bill would be given due consideration under his leadership.

•Excerpted from a Channels TV report. Photo shows Senate President Bukola Saraki.