The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said the ministry was cooperating with the Senate in the ongoing review of the Petroleum Industry bill (PIB).
Kachikwu told the News Agency of Nigeria (NAN) on Wednesday in Abuja that the review was imperative as it would help to bring efficiency in the sector.
“We are working very hard with the Senate on PIB and I have a huge group working on it. In terms of time frame to present the draft to the senate, we are looking at three to four months,” he said .
According to him, the senate is also on its own doing its own work and has given a first draft of a first segment out of three segments.
He said that the ministry had reviewed what was sent in by the senate and reverted to them.
“I think everybody is at it and I would be surprised if by the end of the year we would not have seen some of the first debates happening on those draft sheet,” he added.
Kachikwu expressed the hope that the bill would help bring sanity in the system with the various institutional framework for both government and those working in the industry.
He added that it covered the business model, the task and physical incentives and some level of certainty in terms of what is needed to happen in the sector.
He urged stakeholders to support all efforts that would help to ensure that the oil and gas sector worked effectively in the country.
This, he said, would help to turn around the nation’s economy and equally bring about growth and development.