Since the passage of the Petroleum Industry Act (“PIA”) on August 16, 2021, several noteworthy developments have taken place, which we highlight below.
- The Federal Government sets up PIA Implementation Committee
- NNPC becomes a limited liability company
- The President and Minister of Petroleum Resources constitutes board of the Regulatory Institutions
- The President seeks to amend the PIA
The Federal Government sets up PIA Implementation Committee
On Thursday, 19th of August 2021, the Federal Government inaugurated the steering committee for the implementation of the PIA, headed by the Minister of State for Petroleum Resources, Chief Timipre Sylva. The implementation structure is made up of the Steering Committee to be supported by an Implementation Working Group/Coordinating Secretariat (“IWGCS”) for effective and timely implementation of the PIA during the transition to the new petroleum industry regime.