Introduction
On May 5, 2025, the Nigerian Upstream Petroleum Regulatory Commission (the “Commission”) issued the Upstream Petroleum Fees and Rents (Temporary) Regulations, 2025 (the “Regulation”) which is to serve as a temporary regulatory framework for the determination of fees and rents in the upstream sector pending consultations with stakeholders. The Regulation sets interim measures to guide upstream petroleum fees and rents for a period of six months with an extension option of another six months, subject to the written approval of the Minister.
In this newsletter, we highlight the key provisions of the regulation.
Regulation 2(2) of the Upstream Petroleum Fees and Rents (Temporary) Regulations, 2025
