(Ecofin Agency) - The Nigerian National Petroleum Corporation (NNPC)’s Group managing director, Dr Ibe Kachikwu, has said that the corporation will need not less than a year to perfect and re-present the Petroleum Industry Bill (PIB), although the corporation would begin its reform without the bill, Allafrica reports.

This he disclosed at the 55th Annual General Conference of the Nigerian Bar Association in Abuja, describing the bill as a vital legislation which should be approached with all seriousness.

"The PIB is important, but we need to x-ray the issues. We need at least one year to get it back on track. The reality is that we cannot afford to wait any longer for change in the petroleum sector. Because of the delay in the passage of PIB, things have got to start happening and that's exactly what we are doing.

Kachikwu added that: "PIB is a serious affair; it is an essential piece of legislation but, as we all know, a lot of engagement is required to address all the issues because the oil and gas environment has changed. There are issues of cost; with oil going down to $40 per barrel, the PIB cannot be the same”.

Also Commenting on the issue former president of the Trade Union Congress (TUC), comrade Peter Esele stated that although PIB was important, the industry could begin to activate essential reforms in the sector with existing laws.