President Muhammadu Buhari Monday in London signed the amended Deep Offshore Act.

Chairman, Senate Committee on Petroleum Resources, Upstream, Senator Bassey Albert Akpan, Peoples Democratic Party, PDP, Akwa Ibom North East, has hailed President Muhammadu Buhari for signing the Deep Offshore and Inland Basin Production Sharing Contract Amendment Act into law.

In a statement he personally signed yesterday in Abuja, Senator Albert Akpan who sponsored the Bill in the Senate, described the action of President Buhari as historic and unprecedented in the history of Oil and Gas sector.

He also commended the President of the Senate, Senator Ahmed Lawan, and the entire Senate for its resilience and patriotic support towards the passage of this all important and historic amendment.

The Chairman, Senate on Petroleum Resources Upstream also expressed his gratitude to the Speaker, House of Representatives, Femi Gbajabiamila and all members of the House for their expeditious concurrence leading to the signing of this amendment into law by Mr. President today.

Senator Akpan said, “The National Assembly through this renewed collaboration and support to Mr. President has demonstrated its readiness to pass the coming Petroleum Industry Bill (PIB) expeditiously with this passage and signing into law of the PSC Act 2019.

“This will revolutionalise the country’s oil and gas sector to attract the much needed and desired foreign direct investment into the sector for the good of both our investors and country.”

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