LAGOS, Sept 28 (Reuters) - Nigeria's long-awaited oil reform
bill would privatise the Nigerian National Petroleum Company,
amend changes to deepwater royalties made late last year and
scrap key regulatory agencies in favour of new bodies, according
to a copy of the bill seen by Reuters.
President Muhammadu Buhari has sent the bill to the Senate,
which along with the House of Representatives must sign off on
it before it can become law. Nigeria is Africa's largest crude
exporter. L5N2GJ6E7
The closely watched legislation has been in the works for
the past 20 years, and the main laws governing Nigeria's oil and
gas exploration have not been fully updated since the 1960s
because of the contentious nature of any change to oil taxes,
terms and revenue-sharing within Nigeria.