The Senate on Thursday passed the harmonised Petroleum Industry Bill, a version it said was produced by a conference committee of both Upper Chamber and the House of Representatives.
The passage went through amidst protests from Senators from the South South region, who had threatened to stage a walkout over some provisions in the Bill.
The South-South Senators specifically protested against the proposed three per cent equity share for the oil host communities, which was retained the final version submitted for approval by conference committee.
The three percent proposal for host communities has generated strings of condemnation since last week when it was announced in the versions passed by the separate chambers of the National Assembly.
The South-South oil-producing communities had demanded 10 percent for them, but later reduced it to a minimum of five percent.
The protest for a walkout on Thursday was led by Senator Seriake Dickson, former governor of Bayelsa State. He was however prevailed upon by the Senate President, Ahmad Lawan to back down on the plan.
