"The National Assembly is conscious in addressing some issues raised by some players in the industry, asking for a softer version of the [Petroleum Industry] bill, whatever decision reached would definitely be of a collective interest of Nigerians," the senate president David Mark was quoted saying.
"The bill must find a fair balance to allow the government extract value during good times and ensure continued investment during tough times."
The Petroleum Industry Bill, or PIB, seeks to re-write Nigeria's relationship with its foreign oil partners, including Shell, ExxonMobil and Chevron, altering everything from the fiscal framework for offshore oil projects to the involvement of indigenous firms in the sector.
The parliament had repeatedly said that the bill would be passed soon into law. Lee Maeba, chairman of Nigeria's Senate Committee on Petroleum told an Africa oil conference in Cape Town this week that the PIB would be signed into law before the end of this year.
But oil industry operators have demanded a review, and warned that billions of dollars of potential investments were at risk due to uncertainty surrounding the new law.
The senate president, however, said lawmakers were prepared to ensure fair play for all operators in the Nigerian oil industry, stressing that the bill, when passed, will bring needed opportunities and improvement the stakeholders were yearning for.
"There is need for all parties to continue to dialogue because if we implement the bill properly, it has the potential to transform the industry," Mark said.
