LAGOS/ABUJA: Both chambers of Nigeria's parliament have passed a bill that overhauls nearly every aspect of the country's oil and gas production, putting a project that has been in the works for two decades one step closer to presidential sign-off. Legislators have been hashing out details of the bill since President Muhammadu Buhari presented an initial version in September last year, but an overhaul has been in the works for some 20 years.

The chambers had been expected to vote clause by clause on the more than 400-page long report, but instead quickly approved the full package.

Each chamber made changes before approving the package, and the senate lowered the share of money for oil-producing communities. The chambers will need to meet again to work out the details, but members were optimistic that they would come to an agreement next week, after which it could go for presidential sign-off. Analysts say its approval is essential to attracting a shrinking pool of capital for fossil fuel development.