Nigeria's long-awaited oil bill has passed a second reading in the upper house, paving the way for it to go to specialist committees to be discussed, Senate sources said on Friday.

The comprehensive Petroleum Industry Bill (PIB) has been more than five years in the making and previous versions failed to get through parliament. Billions of dollars of investment into oil and gas production is on hold until it gets passed.

The bill seeks to overhaul fiscal terms and reform the state oil company, amongst a raft of other measures, but several clauses are controversial and likely to be resisted.

Closing debate after a second reading late on Thursday, Senate President David Mark said lawmakers were united in their opposition to sweeping new powers granted to the oil minister, Diezani Alison-Madueke, in the current version of the bill.

"We are very united on the fact that too much power is given to the minister, particularly ... where the minister can grant leases unconditionally," Mark said.

"By the time (the bill) ... comes back there will be amendments, additions and subtractions ... the draft bill that has been given to us is not sacrosanct."

Legislators are divided over the idea of a 10 percent wealth fund for southeast communities who live around the oil fields.

Northerners argue that governors of oil producing states already get 13 percent extra revenue.

Mark, who hails from Nigeria's "Middlebelt" -- where the largely Muslim north and mostly Christian south meet -- urged legislators to look beyond regional interests.

"The bill is not north versus south, far from that. Because what is good for the north is also good for the south," he said, adding the host community fund was "most contentious."

President Goodluck Jonathan says investment in the country's oil industry was falling because of delays to the passing of the bill. A major licensing round for new fields is unlikely to go ahead until the bill is passed.

Shell said last month it would invest $30 billion in offshore projects if there was clarity over contract terms.

http://www.engineeringnews.co.za/article/nigeria-oil-bill-passes-second-reading-in-senate-2013-03-08

http://news.yahoo.com/nigeria-oil-bill-passes-second-reading-senate-122627171--finance.html

Atleast there is progress