Insights, Oil and Gas

Review of the Petroleum Industry Bill 2021 – Part Three

Establishment and Objectives
Section 29 (1) of the Petroleum Industry Bill 2021 establishes the Nigerian Midstream and Downstream Petroleum Regulatory Authority (the “Authority”) to oversee and regulate the technical and commercial aspects of both the midstream and downstream operations in the Nigerian oil and gas industry. Much like the Commission established to oversee upstream operations, the establishment of the Authority is a step in the right direction for industry stakeholders who have advocated for a one stop shop regulatory agency which is able to regulate and give approvals for both technical and commercial aspects of projects executed along each of the industry value chain.
Scope of the Authority’s Functions.

The Authority’s oversight functions cover amongst others, the making of regulations concerning every aspect of midstream and downstream petroleum operations, the grant, renewal, modification, cancellation, reissue and termination of licences, permits and authorisations for midstream and downstream petroleum operations and compliance monitoring, development of midstream and downstream petroleum infrastructure, promoting a competitive market, the security of natural gas supply for the domestic gas market, ensuring implementation of environmental laws and policies as well as monitoring, regulating and enforcing health, environmental and safety measures in midstream and downstream operations and developing and enforcing tariff framework and pricing for natural gas and petroleum products…

 

To read the full article, kindly download the PDF

Practice Key Contacts

More To Read

17/05/2024
Concurrent Delay in Construction Contracts: A Pragmatic Perspective

Introduction Delays on construction projects are common, often creating disputes over responsibility, extension of time and liquidated damages. Concurrent delays, where both the contractor and

07/05/2024
Innovating Finance: How IP Insurance Can Transform Nigerian Innovative Startups.

Introduction In the evolving global economy, intellectual property (IP) has emerged as a critical asset for businesses, especially for startups and innovation-driven enterprises. IP assets,