The Senate President, David Mark, yesterday in Abuja cautioned international oil companies (IOCs) operating in Nigeria to desist from threatening to park out of the country at the slightest provocation.
Mark made the call while declaring open a two-day public hearing on the Petroleum Industry Bill (PIB) organised by the Senate joint Committee on Petroleum (Upstream and Downstream), Gas and Judiciary.
The Senate President, David Mark, yesterday in Abuja cautioned international oil companies (IOCs) operating in Nigeria to desist from threatening to park out of the country at the slightest provocation.
Mark made the call while declaring open a two-day public hearing on the Petroleum Industry Bill (PIB) organised by the Senate joint Committee on Petroleum (Upstream and Downstream), Gas and Judiciary.
"The international oil companies should not take undue advantage of Nigeria. What I do not want is when people begin to threaten that if you do not do this, we will park out of Nigeria", he warned.
According to Mark, we are conscious of the fact that there are frustrations in the oil industry, but it is only temporary as things are even getting better.
The senate president said the sixth National Assembly tried to pass the bill but failed as several versions of the bill turned out at the end of the day.
He said he was optimistic that this time around, there was only one version and encouraged all stakeholders to work together towards fast tracking its passage.
"To demonstrate the importance of this bill, we have four committees working on it. We like as much as possible to fast tract this bill because it is beginning to hold up so many things.
"Some investors when you talk to them they tell you that they are waiting for the PIB to be passed so we are anxious to get it out of the way," he said.
He enjoined all stakeholders present not to view the bill as a parochial issue or as one section of the country against another, and urged everyone to be objective.
According to him, "Nigeria wants to encourage investors and encourage more investment in the oil industry.“The PIB is a win win situation for everyone and so let us work towards fast tracking its passage,"
Earlier, The Chairman of the joint committee, Sen. Emmanuel Paulker, had said that the PIB was aimed at establishing a level, peaceful and regulatory frame work for the petroleum industry in Nigeria and other business partners.
"We are aware that the entire petroleum industry is yearning and waiting patiently for the passage of this bill and we are committed to fast tracking the process of passing it.
Paulker said the public hearing was one step in the direction of ensuring its speedy passage as the committee on its own could not legislate on the bill.
"We cannot pass this bill without the input of all stakeholders and members of the public, hence, the need for this public hearing, " he said.
According to him, members of the committee have not taken any position on any aspect of the bill, we are here with an open mind and every view expressed will be taken into account.
The public hearing was attended by the Minister of Petroleum Resources; Mrs Diezani Allison-Madueke, representatives of oil companies, host communities and other stakeholders in the oil industry.
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