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News information. analysis. Skip to primary content. Skip to secondary content. Background to the Bill. Part I – Objectives. Part II – Institutions. Part III – Upstream Petroleum. Part IV – Downstream Licensing. Part IX Repeals, Transitional & Savings Provisions. Part V – Downstream Petroleum. Part VI – Indigenous Petroleum Companies. Part VII – Health, Safety & Environment. Part VIII – Provisions on Taxation in the Petroleum Industry. Petroleum Industry Bill 2008. PETROLEUM INDUSTRY BILL 2012.