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06 July 2020
Two bills relating to the oil and gas industry recently passed their second reading in the Senate and the House of Representatives, respectfully.
The Gas Flaring Bill 2019 (SB 174) seeks to prohibit gas flaring in Nigeria by prohibiting oil and gas companies from flaring or venting gas. It also requires gas flaring or venting which occurs during the appraisal, commissioning or production phase of a development to be kept to the minimum that is technically and economically justified. Under the bill, flaring or venting without ministerial consent will attract a fine of at least the cost of the gas flared on the international market.
The bill recently underwent its second reading in the Senate and was subsequently referred to the Committee on Gas for further consideration.
The Minerals and Mining Bill 2019 (HB 87) bill seeks to establish a regulatory framework for the Nigerian mining industry in line with international best practices and create a regulatory authority (ie, the Minerals and Mining Commission) which will be responsible for ensuring fair competition and encouraging investments in the mining sector.
The commission will be responsible for:
The bill recently underwent its second reading in the House of Representatives and was subsequently referred to the Committee on Solid Mineral Development for further consideration.
For further information on this topic please contact Chiagozie Hilary-Nwokonko at Streamsowers & Köhn by telephone (+234 1 271 2276) or email (firstname.lastname@example.org). The Streamsowers & Köhn website can be accessed at www.sskohn.com.
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