On 17 January 2018, the Petroleum Industry Governance Bill 2017 was passed by the Nigerian House of Representatives and forwarded to the president for enactment (was passed by the Senate in May 2017). The bill provides for improved governance and Institutional Framework for the Petroleum Industry in Nigeria. In particular, it provides for: The establishment of the Petroleum Regulatory Commission, which is granted discretionary powers with respect to issuance, amendment, extension, etc. of licenses, the imposition of special levies on licenses, and other functions related to the management of the petroleum industry in Nigeria; The establishment of a petroleum equalization...