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NNPC Scrapped, 3 New Agencies Established After Petroleum Industry Governance Bill Is Passed

NNPC Scrapped, 3 New Agencies Established After Petroleum Industry Governance Bill Is Passed

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Senate on Thursday considered and passed a much talked about Petroleum Industry Governance Bill {PIGB} 2017; scrapping state-owned oil company, Nigeria National Petroleum Corporation (NNPC).

In place of NNPC, Senate establishes three new “agencies” to effectively manage a largely troubled oil and gas sector.

Established is Nigerian Petroleum Regulatory Commission (NPRC), which shall be headed by a Chairman.

It will also consist of commissioners whose appointments and removal shall be subject to Senate Approval.

Petroleum Product Pricing Regulatory Agency (PPPRA) is now under the new commission.

The PIGB also established Nigerian Petroleum Asset Management Company { NPAMC} and National Petroleum Company {NPC} to coordinate the activities of other existing agencies including the Department of Petroleum Resources {DPR}.

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