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Following the enactment of the Petroleum Industry Act (PIA), the Petroleum industry in Nigeria has been characterized by regulatory and institutional modifications aimed at implementing the provisions of the PIA. The repeal and harmonization of extant laws, bifurcation of regulatory responsibility for upstream, midstream, and downstream petroleum sectors, and commercialisation of the NNPC are worthy of mention as significant events that have followed the enactment of the PIA.
Following the enactment of the Petroleum Industry Act (PIA), the Petroleum industry in Nigeria has been characterized by regulatory and institutional modifications aimed at implementing the provisions of the PIA.
The repeal and harmonization of extant laws, bifurcation of regulatory responsibility for upstream, midstream, and downstream petroleum sectors, and commercialisation of the NNPC are worthy of mention as significant events that have followed the enactment of the PIA.
Upon the establishment of the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) and the Nigerian Midstream and Downstream Petroleum Authority (“the Authority”), both regulatory bodies have since proceeded to exercise their statutory duties, which include the issuance of regulations.
Sequel to its establishment, NU PRC, in the year 2023, issued seven (7) Regulations and is currently undertaking a review of seven (7) draft Regulations following comments received from stakeholders at its consultative forum. We have undertaken a review of the said Regulations and provided a concise summary below.
Important Notice: The information contained in this Article is intended for general information purposes only and does not create a lawyer-client relationship. It is not intended as legal advice from Jackson, Etti, & Edu (JEE) or the individual author(s), nor intended as a substitute for legal advice on any specific subject matter. Detailed legal counsel should be sought prior to undertaking any legal matter. The information contained in this Article is current to the last update and may change. Last Update: October 1, 2024.
