Nigeria's Federal Executive Council (FEC) on Wednesday approved the new Petroleum Industry Bill (PIB) for transmission to the National Assembly.

Minister of Petroleum Resources Diezani Allison-Madueke disclosed this to reporters after the FEC meeting presided over by President Goodluck Jonathan in Abuja.

Allison-Madueke said the meeting was dedicated to discussing the Bill as presented to by the President.

The Bill was presented to the President on June 29 by Allison- Madueke and the Minister of Justice, Mohammed Adoke.

The minister said the new Bill unbundled the present Nigerian National Petroleum Corporation (NNPC) into five new agencies including the National Asset Management Corporation (NAMC).

She said the NAMC would be a holding company to be operated as a competitive private sector concern that would hold the joint venture of hydrocarbon asset of the nation.

The minister said the National Frontier Exploration Services would be a unit that would reside in petroleum policy bureau.

She said it would be a technical arm of the ministry's secretariat that would drive the exploration activities.

Allison-Madueke said third, which is the National Gas Company (NGC) would be established within the framework of the PIB.

She said the NGC would absolve the existing NGC along with other infrastructure and as well drive the master plan for gas, gas for power and gas for industry.

The Bill also created the Petroleum Host Community Fun, which the minister explained, would take care of host community's participation in the industry.

Another agency, the National Content Development Management Board, the minister explained, would take charge of local content development.

She said the existing agencies under the ministry would continue to exist until such a time they might no longer be necessary.

Allison-Madueke said the new Bill created a new fiscal regime and framework for both indigenous and international operators.