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PETROLEUM INDUSTRY ACT; IMPLEMENTATION DEVELOPMENTS AND REGULATORY COMPLIANCE ISSUES!

by Oludamola Awobokun & Lateef Bamidele

We are well into the second year of implementation of the Petroleum Industry Act 2021 (“Act”), and regulatory activities within the walls of the two regulators – the Nigerian Upstream Petroleum Regulatory Commission (“Commission”) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (“Authority”) (jointly referred to as the “Regulators”) have accelerated.

In our newsletter titled Implementing the Petroleum Industry Act 2021: One Year After, we considered some of the implementation activities that were undertaken within a year of the passage of the Act. In another newsletter, titled Critical Deadlines in the Petroleum Industry Act 2021, we examined some of the possible factors that may impact compliance with the relevant timelines for certain regulatory activities under the Act. As we approach another critical milestone in the implementation of the Act, this newsletter seeks to provide new implementation updates as well as key timelines that the industry must be aware of.

Continue reading “PETROLEUM INDUSTRY ACT; IMPLEMENTATION DEVELOPMENTS AND REGULATORY COMPLIANCE ISSUES!”
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Senate Confirms the Board of the Upstream Petroleum Regulatory Commission

The Senate on Wednesday 6th October 2021, confirmed the appointment of Isa Ibrahim Modibbo – Chairman; Engr. Gbenga Komolafe – Chief Executive; Hassan Gambo – Executive Commissioner, Finance and Accounts; and Ms Rose Ndong – Executive Commissioner, Exploration and Acreage Management. The President is expected to appoint other non-executive members to the Board of the Commission, once the proposed amendment to the PIA is passed.

There are a number of tasks immediately before the Commission including – staffing the Commission appropriately; instituting change management; publishing draft regulations and guidelines; publishing the domestic base price for natural gas.

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Nigeria begins implementation of the Petroleum Industry Act 2021

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.

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