Ibe Kachikwu, minister of state for petroleum resources, says the ministry will send the Petroleum Industry bill (PIB) to the senate in three weeks time.
In an interview with NAN on Wednesday, Kachikwu said the review of the bill was imperative, saying it would help in bringing about efficiency in the sector.
“We are working very hard with the senate on PIB and I have a huge group working on it,” he said.
“In terms of time frame to present the draft to the senate, we are looking at three to four months.”
He said on its own, the senate had been doing its own work and had presented a draft of the first segment out of three segments.
Kachikwu said 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 said.
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.
The minister 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.