Senate Establishes 3 New Agencies for Effective Management of Oil and Gas, Discards NNPC

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The Senate has discarded the Nigerian National Petroleum Corporation (NNPC). 
Following the controversy on Petroleum Industry Governance Bill (PIGB).
The Senate had on Thursday, decided and passed the much issue about PIGB, after its clause consideration.

HOUSE TO LET
The Senate had recommended the replacement of NNPC by establishing three new agencies to effectively manage the largely oil and gas sector.
Among the agencies established in the bill, is the Nigerian Petroleum Regulatory Commission (NPRC), which shall be headed by a Chairman.
The Petroleum Product Pricing Regulatory Agency (PPPRA) is now under the new commission.
The PIGB also established the 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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