The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Ibe Kachikwu, has appealed that more seriousness be given to the Petroleum Industry Bill, PIB, so that the oil and gas industry can achieve  needed transformation.

A statement issued on Tuesday by the corporation’s Group General Manager, Group Public Affairs Division, Ohi Alegbe, said the NNPC boss made the appeal while leading a special session on the proposed law at the ongoing 55th Annual General Conference of the Nigerian Bar Association in Abuja titled: Legal and Regulatory Framework of the Petroleum Industry in Nigeria: Review of existing Laws and the Petroleum Industry Bill, PIB.

Kachikwu, according to the statement, said following the recent changes in the sector and the current administration’s drive at repositioning the critical sector, the PIB’s implementation, in the light of the changes was necessary.

“PIB is a serious affair, it is an essential piece of legislation but as we all know a lot of engagement is required to address all the issues because the oil and gas environment has changed. There are issues of cost, with oil going down to $40 per barrel, the PIB cannot be the same.”

He described the bill as a crucial piece of legislation that must be approached with all the seriousness and thoroughness it deserves.

He however agreed that the bill would require more amendments to perfect it.

The PIB has been pending in the National Assembly for seven years.