The Commission is vested with the power to make regulations, similar to the powers of the Minister of Petroleum Resources under the Petroleum Act but the PIGB enables the Minister to retain certain powers of discretion to 'do all such other things as are incidental and necessary' for the performance of his ministerial functions.
The PIGB requires government to privatise up to 40 per cent of the NPC's shareholding within 10 years of the Commission's incorporation.
In the PIGB, existing licences, leases, certificates, authority or permits issued by the DPR will remain valid and have effect for the remainder of the period for which they were granted.
The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed with excitement, the bold step by both chambers of the National Assembly to pass the PIGB.
NEITI as an agency set up to enthrone transparency and accountability in the management of extractive industries in Nigeria has legitimate interest in the PIGB.
NEITI remains convinced that the PIGB when assented to by the President will provide a dynamic governance framework required to re-position the petroleum industry to fully embrace competition, openness, accountability, professionalism and better profit returns on investments to both companies and government.
Last September, while speaking on the bill, Senate President Bukola Saraki said that the Senate gave Nigeria an anniversary package by passing the Governance side of the PIGB into law on May 25.
The Senate President, who spoke at the conference through the Chairman, Senate Committee on Petroleum (Upstream), Senator Tayo Alasoadura, said that the PIGB would enhance the establishment of rules and regulations as well as procedures and institutions for the efficient administration of the petroleum sector.