The Senate on Thursday passed the harmonised Petroleum Industry Bill (PIB) after it was worked on by a conference committee of both chambers of the National Assembly last week.
The harmonised version of the PIB was submitted for consideration by the federal lawmakers on Thursday at the plenary.
The Conference Committee adopted the 3 percent share for host communities and 30 percent approved for frontier basins development for oil exploration by the Senate last week.
However, prior to the approval of the PIB, lawmakers from the South-South geopolitical zone protested against the proposed three percent equity share allocated to the host communities.
The lawmakers from Niger Delta protested against the reduction in the amount allocated to host communities and demanded a five percent share for host communities in the region.