Unveiling Nigeria’s Carbon Market: Policies, Progress, and Prospects
INTRODUCTION World leaders gathered in Paris during the 2015 UN Climate Change Conference (COP21) to endorse the Paris Agreement; an International Energy Treaty grounded in the 1992 United Nations Framework Convention on Climate Change (UNFCCC). Within this pact, they committed to curbing the global rise in temperature to under 2 degrees Celsius above pre-industrial levels, […]
End-of-Year Report on the Nigerian Gas Industry and Investment Projections for 2025 and Beyond
INTRODUCTION In our 2024 Mid-Year Report, we reviewed progress under Nigeria’s Decade of Gas policy, major investments, infrastructure development and divestments in the sector by oil majors, the Federal Government of Nigeria’s (FGN) efforts to boost investments through the 2023-2030 Drilling Campaign and Deep-Water Projects, and the funding sources driving these developments. We also highlighted […]
Is Nigeria’s Regulatory Landscape Built to Support Energy Dependence?: A Case Study of Dangote Petroleum Refinery and Petrochemical (“Dangote”) vs. the Nigerian Midstream and Downstream Petroleum Regulatory Authority (“the Authority’’) & 6 Others.
Introduction Energy is essential for socio-economic development, contributing significantly to poverty reduction, improved quality of life, and national security. Over the past 50 years, the World Energy Assessment has highlighted global advancements while underscoring the importance of energy security—defined as the reliable, affordable, and adequate supply of energy. Nigeria, one of Africa’s leading energy giants, […]
Revitalizing Investments in the Nigerian Oil and Gas Industry: The Presidential Order and Directives
On the 28th of February 2024, the President of the Federal Republic of Nigeria signed a Presidential Order and 2 Directives (the “Presidential Directives”) aimed at reattracting investments into the Nigerian Oil and Gas Industry which has been on the decline in recent years. These Presidential Directives aim to tackle the issue of low investments, […]
Oil Licensing Regime Under the Petroleum Industry Act 2021 (Part 4): Petroleum Mining Lease
Having satisfied all conditions imposed on the licensee and contained in the Oil Prospecting Licence (OPL), and upon commercial discovery of oil, a holder of an OPL was required to obtain an Oil Mining Lease (OML). The OML not only entitled the holder to the right to win and work petroleum discovered but also the […]
Oil Licensing Regime Under the Petroleum Industry Act 2021: Grounds for the Revocation of a Petroleum Prospecting Licence (PPL) (Part
Under the Petroleum Act (PA), there were 5 major grounds on which an Oil Prospecting Licence (OPL) could be revoked. Following the enactment of the Petroleum Industry Act (PIA) 2021, the grounds for revocation of a Petroleum Prospecting Licence (hereinafter referred to as “PPL” or the “Licence”) have been expanded to include circumstances not withtin […]
Oil Licensing Regime Under the Petroleum Industry Act 2021 (Part 2): Petroleum Prospecting Licence (Contd.)
In the preceding article of this series, we examined a number of modifications made by the Petroleum Industry Act (PIA) 2021 to the Oil Prospecting Licence (OPL) regime in Nigeria in terms of the granting authority, award process and duration of the licence. In the subsequent paragraphs, we shall review modifications relating to the assignment, […]
Oil Licensing Regime Under the Petroleum Industry Act 2021 (Part 2): Petroleum Prospecting Licence
Under the old regime of the Petroleum Act 1969 (PA), upon the grant of an Oil Exploration Licence (OEL) and subsequent discovery of hydrocarbon within the licence area, a licensee who intended to proceed to the next stage of upstream petroleum operations was required to obtain an Oil Prospecting Licence (OPL) from the Minister of […]
On the Regulation of Integrated Petroleum Operations: Takeaway from Recent Developments
ExxonMobil had applied to the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC” or the “Commission”) for authorisation to treat its operations as an integrated operation. This application was subsequently granted by the Commission. Upon securing the Commission’s authorisation, ExxonMobil applied for and was granted clearance by the Commission to lift 12,600 metric tonnes of Butane at […]
The Concept of Deemed Approval in the Oil and Gas Industry
The Nigerian petroleum sector is a heavily regulated industry with unique laws and regulations to guide both government and key players in their respective operations. This industry remains the highest contributor to the nation’s GDP and its importance to the economy is responsible for the strict oversight role played by the ministry of petroleum resources […]
